Unreal demand? Irregular sales worth billions fire up wild NFT market

Visitors are pictured in front of an immersive art installation titled Machine Hallucinations - Space: Metaverse by media artist Refik Anadol, which will be converted into NFT and auctioned online at Sotheby's, at the Digital Art Fair, in Hong Kong, China, on Sept 30, 2021.LONDON - On Jan 12, an image of a computer-generated pixelated person was sold for about $50.6 million worth of cryptocurrency on a new online marketplace that caters for non-fungible tokens.

Since Jan 11, for example, another Meebit NFT - this one with a sporty outfit and ponytail - has been passed between three wallets in over 100 sales, mostly in the $3-15 million range. In the week of Jan 12-19, a "Loot" bag NFT, representing virtual equipment for online adventure games, was exchanged across 75 sales between two other wallets, for $30,000-$800,000 a time.

DappRadar and CryptoSlam, another data provider that reported artificially inflated volumes on LooksRare, said such trades could be linked to the platform's reward structure - though Masoit added there was also "real" activity on the site. Traders don't know until the day's close whether they have transacted enough to win LOOKS tokens, or how many, because they don't know what others have traded.

Several big companies, from Coca-Cola to Gucci, are testing the temperature with their own NFTs. In the art world, meanwhile, just over $1 in every $20 of revenue at top auction houses last year came from NFTs. For the platform's supporters, this may be a sound strategy to thrive in a virtual gold rush, as tech giants like Meta and Microsoft spend billions of dollars to further their owns visions of the metaverse and pave the way for future profits.

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