Welcome back to the second edition of our weekend new series, Weekly Allstar, where we dive deep into the latest trends in the NFT market. In this article, we’ll be diving deep into the world of NFT collections, focusing on market volatility and how it’s impacting the top collections of the week. Join us as we explore the latest trends shaping the non-fungible token space and take a closer look at the top 10 NFT collections of the week.

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Looking at the top collections this week, MG Land leads the way with over 10k ETH in trading volume. Notably, the floor price of this collection has increased by more than 200% compared to last week. In the second place, Holoself’s Baobab studio collection, backed by Disney, has a trading volume of over 4,000 ETH after launching a few days ago. However, the hype decreased as the 24H floor price dropped by almost 20%. Meanwhile, Yuga Labs’ collections, such as BAYC, MAYC, and Otherdeed, continue to perform stably with a slight increase in trading volume compared to the previous week.

However, MG Land has some signs of wash trading that we will analyze below. Specifically, when compared to the huge trading volume, the market cap of this collection is only 600 ETH, a huge difference, but that alone is not enough to draw conclusions.

Upon examining recent transactions of MG Land, we noticed that certain transactions have prices that outperform many others. What these transactions have in common is that both the buyer and seller are unknown wallet addresses, marked as NFT Collector. When checking a few random wallet addresses, we also noticed each wallet address generates only one buy transaction and one sell transaction. Furthermore, these unusual transactions are done on Blur instead of OpenSea, where most normal transactions are conducted.

These transactions were carried out in a sophisticated manner, with many different wallets used to bypass filtering systems designed to detect wash trades on on-chain platforms. The use of these wallets allows wash traders to execute their trades without being detected, thus making it difficult for others to identify them. Therefore, even though the wash trading filter was turned on, MG Land was still able to circumvent the law and be at the top of the trading volume this week. With recent wash transactions frequently occurring on Blur to target the airdrop, perhaps users are questioning whether they can filter out all of this behavior.

We have witnessed a significant drop in ETH, with its value decreasing by almost half from last week to just over $150 million. Although the number of buyers has increased, the value of transactions has significantly decreased. Cardano has now taken 5th place, replacing BNB Chain with gains in all three metrics. Perhaps in the future, we will see more NFT collections developed in this ecosystem.

Despite the sharp drop, Ethereum still dominates the NFT market. However, wash trading remains an unsolved problem in the NFT market and is becoming increasingly difficult to detect. Perhaps it’s time for platforms to update their wash trading filters. Nonetheless, as users, we should be cautious of what we see, as the truth is often invisible to our eyes.