A report by blockchain data company Chainalysis revealed that NFT vendors are repeatedly selling their products through “Wash Trading”, raising prices.
of an asset more valuable by selling the asset owned by the seller to another wallet belonging to him, in order to ensure that the an artificial trade volume is called “Wash Trading”. Wash Trading This practice, known as market manipulation technique. In stock trading as opposed to the NFT field, which is not yet regulated 1936‘since illegal has been made.
In the report, more than 25 times self dealing 262 users determined, but all these accounts wash trading since you apply cannot be absolutely sure place was given.
Data is available through the own accounts of the most wash trading seller. 830 transactions demonstrated that he did. However, according to calculations, the seller pays for each transaction. gas feedue to the damaged is in the situation. Vendors identified in the report only less than half As a result of these procedures make a profit he did. Sellers earning profits are approximate from these transactions. $8.9 million made a profit.
growing day by day NFT sector, 2020 in the year 106 million dollar with trading volume 2021 This value in $44.2 billion rose. In addition, according to Google’s search data, searches for the word NFT by users exceeded searches for the word cryptocurrency, and the difference is increasing day by day.
