Lado Okhotnikov researched the NFT market in detail, revealing evidence of fraud, and gave advice on how not to lose money when working with it

Meta Force, Led by Lado Okhotnikov, Analyzed the NFT Market and the Problems Facing the Industry

Unlike NASDAQ, which speaks mostly positively about NFTs, the published article with analytics by Lado Okhotnikov, CEO Meta Force, gives a real understanding  of how things are in the NFT market.

Meta Force is a WEB3 platform that combines the gaming world, social networks and virtual reality, creating a unique space for users. Here you can create your own communities, interact with other participants and trade NFTs. The project is easily integrated and scalable for anyone who wants to enter the world of cryptocurrencies.

Lado Okhotnikov about manipulations in the NFT market

According to statistics, almost half of NFT sales are artificially inflated, which confirms the problem of fraud in this area. Lado Okhotnikov, a well-known expert in the field of blockchain and cryptocurrencies, CEO of the Meta Force metaverse:

“Manipulation in the NFT market is a fact that both experienced traders and beginners face. Increasing sales volumes often attract attention and cause investors to take impulsive, emotional actions.”

One example is the practice of wash trading, when fraudsters artificially increase sales volumes to attract more attention and create a false impression of demand for a certain NFT. This may lead to poor investment decisions and losses.

“Manipulation in the NFT market is a real problem, but this should not deter potential participants,” Okhotnikov concludes

According to the expert, with the right understanding and caution, it is possible to benefit from this innovative area and even contribute to its development.

Fraud in DeFi

Decentralized finance (DeFi) has a number of advantages over the traditional financial system. Firstly, the DeFi sector is completely unregulated, there is no need to undergo verification and provide personal information, like in banks. Secondly, all transactions on the blockchain are completely auditable. Thirdly, let’s say that services such as lending and staking can generate higher income compared to bank deposits. Finally, since DeFi is based on algorithms rather than financial intermediaries, it reduces the risks of censorship and confiscation of funds by third parties.

However, not everything is as rosy as described above. In fact, there is also some risk. Lado Okhotnikov talked about this in his article “Is the NFT market dead?”

In addition, statements by US President Joe Biden regarding the need to close loopholes through which criminals can use DeFi to trade cryptocurrencies highlighted the urgency of the problem. According to the American leader, decentralized finance is becoming a kind of “island of security” where fraudsters find shelter.

According to research by Lado Okhotnikov, CEO of Meta Force, a significant portion of NFT trading volume turns out to be the result of fraudulent schemes. According to him, more than half of all transactions are falsified. The analyst identified manipulation methods, the main ones being the analysis of addresses and reverse transactions.

“We are faced with the problem of large-scale fraud in the world of NFTs where criminals use various tactics to deceive investors and collectors,” notes Lado Okhotnikov. He believes this is a serious threat to the market and requires urgent countermeasures.

Analysis by Childebert Mulier, a research scientist at Dragonfly, further confirms the scale of the problem. Mulier found that more than 94% of NFT counterfeits occur on the X2Y2 and LooksRare platforms, that is, in the DeFi sector.

Despite the challenges, there are methods to protect against fraud. Recommendations include using reliable trading platforms, closely monitoring changes in prices and sales volumes, and consulting with financial experts.

Meta Force CEO Lado Okhotnikov claims that the NFT market still remains promising for those who are ready to understand its features and take measures to protect their interests.

In order to fully understand this issue, read the original article, which is full of facts, statistics and detailed analytics from Lado Okhotnikov and other crypto market experts — Is NFT Market Dead?

About Meta Force

The company brings revolutionary changes to the world of games and creates a virtual environment where everyone can become part of another reality. The Meta Force metaverse, based on the Polygon blockchain, offers a completely new approach to the gaming industry. Here, players immerse themselves in virtual worlds and create their own dimensions, influence the development of the ecosystem, exchange digital assets and build their own business communities.

An important aspect of Meta Force is its focus on decentralization. This provides strong protection for personal data and transactions, giving users complete control over their digital assets. 

Based on Dan Michael’s materials

The head of Meta Force Press Center

press@meta-force.space

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