Wash trading or mere coincidence: Is there a direct correlation between heightened user engagement and elevated sales figures in NFT marketplaces?

An uptick in visitors to an NFT marketplace can likely boost sales figures. According to SimilarWeb, a provider of traffic insights and analysis, ‘public traffic rankings correlate with tangible success in the market.’ Having more users browsing the marketplace increases the chances of finding buyers for NFTs.

Nevertheless, interest in NFTs appears to be declining, accompanied by drops in sales and active user counts. Some marketplaces even displayed figures that seemed questionable and might indicate artificially inflated volumes.

In our analysis of seven NFT marketplaces via SimilarWeb over the months of September, October, and November, only Blur and Nifty Gateway experienced growth in traffic. Meanwhile, OpenSea, LooksRare, Gem, X2Y2, and Magic Eden all saw a decrease in user engagement.

Blur and Nifty Gateway were the only platforms where the trend in monthly traffic matched the pattern in sales. However, OpenSea remains the unchallenged leader in the NFT sector, with no other marketplace coming close to its impressive numbers.

What caused the traffic spikes for select marketplaces?

The data indicates Blur stands out significantly as the latest entrant in the NFT marketplace and aggregator space, fully launching in October after a closed beta phase. It enjoyed the highest monthly traffic growth, starting from 1.3 million visitors in September to 2.1 million in October, and peaking at 2.7 million in November. This surge can be attributed to two main factors: the platform’s marketing and its airdrop initiatives. recent launch In October, Blur conducted two successful airdrop events for its BLUR token.

Blur also reported impressive sales, clocking in $36 million in October and soaring to $157 million in November. On the 31st of October, the platform saw a remarkable spike in trading activity following the mint of the Art Gobblers NFT, which helped maintain a steady rise in sales and attracted a plethora of new users.

Nifty Gateway also registered traffic growth: it started with 314K visitors in September, jumped to 328.6K in October, and nearly doubled to 632.2K in November. However, this rapid increase in traffic did not translate to a corresponding rise in sales: in October, the platform only generated about $18.8K in sales, with a modest increase to $20.4K in November. Dune Analytics reported that Nifty Gateway had merely eight buyers in September, with that number growing to 11 traders across October and November. depicted Magic Eden, a Solana-based NFT marketplace, continued to operate strongly through the challenges faced by the Solana blockchain and the general decline in cryptocurrency values. Even so, it remained one of the top performers in terms of both sales volume and traffic.

Most marketplaces experienced a downturn in traffic and user engagement from September through the year’s end. Notably, some platforms like OpenSea, X2Y2, and Gem saw spikes in sales and user numbers in October, primarily attributed to collections like Reddit’s. Nonetheless, the NFT market saw a continued decline in November and December. integrated Ethereum NFTs , and in November, it added Polygon Concerns Surrounding LooksRare and X2Y2

LooksRare, an NFT marketplace built on Ethereum, recorded a 40% drop in traffic over a few months (from 915.6K in September to 541.8K in November). Curiously, the sales volume did not follow suit; in fact, it surprisingly increased, ranging from $12 million in September to $23 million in October, followed by $25 million in November. Furthermore, the number of unique users shows a conflicting trend: 2,365 in September, 3,409 in October, and dropping to 2,655 in November. Art Gobblers X2Y2 raises similar eyebrows. The sales volume reported (from $56 million in September to $64 million in October, and dropping to $34 million in November) starkly contrasts with the relatively low traffic figures. The site had fewer than a million visits in September, with only around half a million in October and November. Moreover, the number of unique monthly users for X2Y2 was hardly impressive, with 12,898 in September, rising to 16,387, and plummeting to just 6,613. This discrepancy begs the question of whether the sales volume could have been artificially inflated.

X2Y2 often surpasses LooksRare in terms of sales volume. However, the traffic at LooksRare edged higher in both October and November. Additionally, Gem.xyz doubled its unique users compared to X2Y2, yet its sales volume remains significantly lower. The traffic metrics also favor Gem over X2Y2.

Are the reported sales volumes of LooksRare and X2Y2 inflated through wash trading, bogus volume, or market manipulation? While estimates suggest that wash trading constitutes over 40% of Ethereum NFT transaction volumes, there is scant evidence to support the claim of its prevalence. In fact, a study from Cornell University indicated that wash trading may occur less frequently than previously believed. It remains challenging to identify which marketplaces engage in wash trading without thorough investigations conducted by the platforms or regulatory bodies.

While website traffic can undeniably play a pivotal role in driving sales in NFT marketplaces, it is not the sole determinant. A combination of factors—including traffic, the quality of NFTs, marketing strategies, and prevailing market dynamics—collectively influences sales figures. Moreover, just because a marketplace has heavy traffic doesn’t necessarily mean all visitors are potential buyers; tracking visitor conversion rates is equally crucial. Nevertheless, this data can aid NFT collectors in determining which marketplaces may have more credibility.

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Agne is a journalist dedicated to bringing the latest trends and innovations in the metaverse, AI, and Web3 sectors for Metaverse Post. Her enthusiasm for storytelling pushes her to conduct countless interviews with industry experts, always in pursuit of fascinating narratives. Holding a Bachelor’s degree in literature, Agne boasts an extensive writing background covering diverse topics, including travel, art, and culture. She has also volunteered as an editor for an animal rights advocacy group, raising awareness about vital animal welfare issues. Feel free to connect with her via claims Blum Marks Its One-Year Anniversary by Winning Awards for ‘Best GameFi App’ and ‘Best Trading App’ at Blockchain Forum 2025 academic paper Tackling DeFi Fragmentation: How Omniston Enhances Liquidity on TON

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