Chainalysis, one of the leading blockchain and cryptocurrency auditing firms, has issued a report indicating signs of significant wash trading activity involving NFTs. In these operations, some actors effectively sell their assets to themselves, with the intention of increasing the floor price of the NFTs to sell them at a higher price later. However, this wash activity has not always been profitable due to gas costs.
Wash Trading Involving NFTs Is Real, Says Chainalysis
A new report issued by Chainalysis, one of the leading auditing and tracking firms in crypto, has detected “significant” wash activity in the NFT market. These activities have the objective of making an NFT more valuable by giving the appearance of previous sales. Using blockchain analysis, the company was able to detect 262 users that have sold NFTs to self-funded addresses more than 25 times.
The most active address in these activities has done this procedure over 800 times, but it has not yielded very good resul
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