![]() ![]() “This token scheme has artificially distorted real activity in NFTs.” “All of this is a by-product of war with OpenSea, said Scott Hawkins, a data engineer at CryptoSlam.The promise of gifting tokens has fueled a sales spike on Blur, which has recorded a trading volume of US$1.34 billion in the past 30 days, more than twice that of rival OpenSea, the largest NFT market by all-time trading volume, which recorded US$481.6 million over the same period, according to Web3 application tracker DappRadar.Users can then receive BLUR via airdrop, and it can also be sold through centralized and decentralized cryptocurrency exchanges. 14, Blur released BLUR in a long-anticipated airdrop, giving users 60 days to acquire listing and bidding points on the marketplace, which keeps track of the top contenders through its airdrop leaderboard. CryptoSlam and Forkast are both owned by parent company Forkast Labs. The wash trades involved suspicious behaviors such as resales within short periods at prices close to initial levels, suggesting that some Blur users have been selling NFTs to themselves using different wallets to acquire Blur (BLUR) tokens and accrue points for airdrops, according to NFT multi-chain data aggregator CryptoSlam.Watch what they do in Hong Kong and Beijing, and watch this space. And if Hong Kong is successful in fostering the development of a crypto industry that Chinese authorities don’t deem a threat to their own national prerogatives, the city’s crypto experiment could yet lead to a softening of attitudes to the industry in Beijing. The city has reinvented itself before, and may be poised to do so again. So, in time-honored fashion, Hong Kong is setting itself up as a test bed for finance sector innovation. The territory has suffered not only in terms of its current finance center ranking but also from an exodus of talent that accelerated amid Covid-19 restrictions, which has left it looking for ways to shore up its economy. Hong Kong stands increasingly as an expression of Beijing’s desire to experiment - even more keenly than in the past, thanks to the fact that Singapore recently snatched the city’s title as the world’s third-biggest finance hub. Beijing thus appears happy to experiment with crypto on a small scale in the “laboratory” setting of Hong Kong. However, as much as Beijing wants to keep crypto out of the mainland, it may be struggling to suppress its curiosity about it. Given that mainland China has walled itself off from crypto industry development - despite having spawned some of the sector’s biggest success stories - Beijing’s stance on the matter is nothing if not intriguing. So, when it comes to recent news that the Chinese government has given authorities in Hong Kong the go-ahead to rebuild the city’s status as a crypto hub, we are certainly watching. It’s a maxim that’s been frequently and conspicuously applied to the embrace of crypto by investment bank JPMorgan despite the fact that its chief, Jamie Dimon, has repeatedly disparaged the entire phenomenon. ![]() “Watch what they do, not what they say” is one of the most solid ways of assessing developments in any sector - and, just as solid, if not more, in the crypto industry and digital asset space.
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