Sellers on the NFT marketplace BLUR continue to flip at higher rates despite a fall in the market and growing losses.
Recent information from NFT Statistics reveals a distinctive dynamic developing inside the NFT space.
NFT flippers are currently losing 4,000 ETH a week over the past two weeks, based on data, which has perplexed market observers as NFT flipping has surged with the market upswing.
Depending on NFT Statistics, the reverse is true at the moment. The most flips ever recorded have occurred within the past 30 days. Despite this, he points out, losses from these flips are getting close to historic highs.
Money Lost By NFT Flippers
Furthermore, NFT Statistics demonstrates using on-chain data that flippers have lost over 12,000 ETH on Blur trades thus far in the past month. He hypothesizes that this may be due to anticipation of the Season 2 token unlock, as listings will start to gain value in BLUR token based on their listed value.
On the basis of NFT Statistics, the losses can be ascribed to the market's downward trajectory. It also notes that the volume of trading has led to higher gas prices and royalties, which have increased the losses.
Moreover, NFT Statistics claimed that NFT holders have been selling their assets to the highest bidders, which has caused flippers to lose money.