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Tuesday, 8 February 2022

Are NFTs really booming — or are traders having us on?

All is not quite as it seems in the pixelated, unregulated world of NFTs: “Irregular sales” 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 “wash trades” 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 Reuters review of publicly available blockchain records — giving the lie to claims by blockchain promoters that transparency is at the technology’s core. Case in point: Data shows that the 27 biggest NFT sales in January — worth a combined USD 1.3 bn —- originated from just two such wallets.

THE ONE NFT MAKER who gives us heart palpitations: @DrifterShoots, known for his Where My Vans Go (WMVG) series of his shoes high, high above cities. Check out the New York Times profile here.

In other international business news:

  • IPO WATCH: 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. (Bloomberg)
  • DEBT WATCH: Qatar is considering refinancing more than USD 10 bn in debt due for repayment next year. (Bloomberg)
  • CRIME WATCH: Swiss banking giant Credit Suisse faced charges of money laundering for Bulgarian drug traffickers in a Swiss court yesterday, in the country’s first criminal trial of a major bank. (Reuters)




-1.2% (YTD: -3.4%)



Buy 15.66

Sell 15.76



Buy 15.66

Sell 15.76


Interest rates CBE

8.25% deposit

9.25% lending




+0.4% (YTD: +8.6%)




+0.0% (YTD: +2.9%)




+0.6% (YTD: -0.2%)


S&P 500


-0.4% (YTD: -5.9%)


FTSE 100


+0.8% (YTD: +2.6%)


Brent crude

USD 92.69



Natural gas (Nymex)

USD 4.28




USD 1,822




USD 44,062

+5.7% (as of midnight)


The EGX30 fell 1.2% at yesterday’s close on turnover of EGP 947 mn (11.4% below the 90-day average), its sharpest decline since 19 January. Foreign investors were net sellers. The index is down 3.35% YTD.

In the green: e-Finance (+4.1%), Telecom Egypt (+0.8%) and Abu Dhabi Islamic Bank (+0.7%).

In the red: Fawry (-5.7%), MM Group (-5.2%) and Heliopolis Housing and Development (-3.1%).

Major benchmarks in Asia are mixed this morning. 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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

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