Scatological digital art – If you have been following recent news in the cryptosphere, there is little chance that you have escaped the phenomenon around the Ordinals protocol. This facilitates the creation of non-fungible tokens (NFT) on the blockchain network of Bitcoin (BTC). One of these “masterpieces” produced through Ordinals was sold for a small fortune: a poop emoji.
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Is this NFT Ordinals worth more than 1 bitcoin, or is it wash trading ?
Non-fungible tokens created on Bitcoin thanks (because?) of the protocol Ordinals keep talking about them. As Cryptoslate notably reports, one such NFT – “Registration #121” – was recently sold for 1.21 bitcoins. Or a little more than $28,000 Americans at the time of its sale, on 1er March 2023.
This NFT BTC was minted (created) at the height of block N°773820. His particuliarity ? It is neither more nor less than theemoticon representing a turd, as can be seen below. Cryptoslate wonders if this is a legitimate sale, or wash trading.
This latter practice consists of artificially inflate the price of an assethere an NFT therefore, with a seller and a buyer in cahootseven outright the same person who is selling/buying. This practice has already existed for a long time on the non-fungible tokens ofEthereum (ETH), before arriving on Bitcoin. In addition to market manipulation, the wash trading can also allow money laundering.
A tricky problem, since even despite last year’s bear market, these manipulations by wash trading increased in 2022. Afterwards, perhaps he is a real enthusiast of the genre, ready to exchange more than one bitcoin against this NFT. It takes everything to make a world.
You have the right not to appreciate this type of works of art. No one will blame you! On the other hand, not being interested in Bitcoin is unforgivable! Don’t wait any longer to prepare for the future. Register now on the eToro platform (commercial link).