{"id":543590,"date":"2022-02-08T03:51:45","date_gmt":"2022-02-08T03:51:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/08\/are-nfts-really-booming-or-are-traders-having-us-on\/"},"modified":"2022-02-08T03:51:45","modified_gmt":"2022-02-08T03:51:45","slug":"are-nfts-really-booming-or-are-traders-having-us-on","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/08\/are-nfts-really-booming-or-are-traders-having-us-on\/","title":{"rendered":"Are NFTs really booming \u2014 or are traders having us on?"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>All is not quite as it seems in the pixelated, unregulated world of NFTs: <\/strong>\u201cIrregular sales\u201d on nonfungible token (NFT) trading platforms are raising eyebrows among crypto insiders, who say that many multi-bn USD transactions on the digital assets may be \u201cwash trades\u201d that give false impressions of high demand, and would not be allowed in traditional equities markets. Sellers may be trading their own NFTs back and forth across multiple blockchain wallets, according to a <a href=\"https:\/\/www.reuters.com\/technology\/unreal-demand-irregular-sales-worth-billions-fire-up-wild-nft-market-2022-02-07\/\">Reuters<\/a> review of publicly available blockchain records \u2014 giving the lie to claims by blockchain promoters that transparency is at the technology\u2019s core. Case in point: Data shows that the 27 biggest NFT sales in January \u2014 worth a combined USD 1.3 bn \u2014- originated from just two such wallets.<\/p>\n<p><strong>THE ONE NFT MAKER who gives us heart palpitations: <\/strong><a href=\"https:\/\/twitter.com\/DrifterShoots\">@DrifterShoots<\/a>, known for his Where My Vans Go (WMVG) series of his shoes <a href=\"https:\/\/twitter.com\/DrifterShoots\/status\/1490781282133020673\">high, high above<\/a> cities. <a href=\"https:\/\/www.nytimes.com\/2021\/06\/04\/us\/isaac-wright-driftershoots-ptsd.html\">Check out the New York Times profile here.<\/a><\/p>\n<p><strong>In other international business news:<\/strong><\/p>\n<ul>\n<li><strong>IPO WATCH:<\/strong> Abu Dhabi Ports has raised USD 1.1 bn from its IPO ahead of its debut on the ADX tomorrow. The company, which is owned by Abu Dhabi sovereign wealth fund ADX, put 1.25 bn shares up for sale at AED 3.20 (USD 0.87) each. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-07\/ad-ports-raises-1-billion-in-share-sale-trading-debut-tuesday?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<li><strong>DEBT WATCH:<\/strong> Qatar is considering refinancing more than USD 10 bn in debt due for repayment next year. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-07\/qatar-said-to-weigh-refinancing-10-billion-debt-due-next-year?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<li><strong>CRIME WATCH:<\/strong> Swiss banking giant Credit Suisse faced charges of money laundering for Bulgarian drug traffickers in a Swiss court yesterday, in the country\u2019s first criminal trial of a major bank. (<a href=\"https:\/\/www.reuters.com\/business\/finance\/credit-suisse-faces-money-laundering-charges-trial-bulgarian-cocaine-traffickers-2022-02-07\/\">Reuters<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,549<\/p>\n<\/td>\n<td>\n<p>-1.2% (YTD: -3.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,249<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +8.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>8,734<\/p>\n<\/td>\n<td>\n<p>+0.0% (YTD: +2.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,189<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: -0.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,484<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: -5.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,573<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: +2.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 92.69<\/p>\n<\/td>\n<td>\n<p>-0.6%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.28<\/p>\n<\/td>\n<td>\n<p>+1.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,822<\/p>\n<\/td>\n<td>\n<p>+0.0%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 44,062<\/p>\n<\/td>\n<td>\n<p>+5.7% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 1.2% at yesterday\u2019s close<\/strong> on turnover of EGP 947 mn (11.4% below the 90-day average), its <a href=\"https:\/\/www.reuters.com\/markets\/stocks\/middle-east-markets-mixed-egypt-sheds-over-1-2022-02-07\/\">sharpest decline<\/a> since 19 January. Foreign investors were net sellers. The index is down 3.35% YTD.<\/p>\n<p><strong>In the green:<\/strong> e-Finance (+4.1%), Telecom Egypt (+0.8%) and Abu Dhabi Islamic Bank (+0.7%).<\/p>\n<p><strong>In the red: <\/strong>Fawry (-5.7%), MM Group (-5.2%) and Heliopolis Housing and Development (-3.1%).<\/p>\n<p><strong>Major benchmarks in Asia are mixed this morning. <\/strong>Shanghai and Hong Kong are down at dispatch time, while the Nikkei, Kospi and ASX 200 were all in the green. Futures suggest a mixed open in Western Europe later this morning and that Wall Street still has a shot at opening (weakly) in the green.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>All is not quite as it seems in the pixelated, unregulated world of NFTs: \u201cIrregular sales\u201d on nonfungible token (NFT) trading platforms are raising eyebrows among crypto insiders, who say that many multi-bn USD transactions on the digital assets may be \u201cwash trades\u201d that give false impressions of high demand, and would not be allowed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[298,600,581,204,707,9115,344,7106,72,119,78,265,649,122,296,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543590","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-abu-dhabi","tag-abu-dhabi-ports","tag-adx","tag-banking","tag-blockchain","tag-credit-suisse","tag-cryptocurrency","tag-debt","tag-enterpriseam","tag-financial-markets","tag-ipo-watch","tag-money-laundering","tag-nfts","tag-planet-finance","tag-qatar","tag-uae","wpautop","entry"],"acf":{"mongo_id":"8ebb74e3-e6ad-4263-8985-7b4c6b2bd344","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[543567],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Are NFTs really booming \u2014 or are traders having us on? 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