NFT marketplaces use token reward trading strategies to entice traders, boost volume, and appear to be the most successful platforms.
A recent report published by blockchain analytics firm Dune revealed that nearly 60% of non-fungible token trading volumes this year were wash trades.is a form of market manipulation in which a trader buys and sells a security to create the appearance of increased trading volume and activity in the market. In crypto, these activities involve buying and selling digital assets – fungible or non-fungible tokens – on trading platforms, intending to inflate transaction volumes.
One example of wash trading in the context of non-fungible tokens might involve a trader who owns a particular NFT and wants to create the impression that it is in high demand. The trader could set up multiple accounts on an NFT marketplace and use them to buy and sell the NFT back and forth, creating the appearance of high trading volume and driving up the price of that asset.gaining traction in the crypto industry in 2019 but became pertinent to the NFT space in 2022.
The analytics firm noted that NFT wash trading is boosted by enticing traders with token rewards due to the high competitiveness of the space and the frequent launch of new platforms.The most common wash trading methods involve investors trading their NFTs between two or more wallets, which they control, for the highest amount of Ether possible. They aim to accumulate token rewards more valuable than the gas fees spent.that about 110 wash trading addresses had generated $8.9 million in profit.
Furthermore, Element and Sudoswap are major wash trading platforms, with their respective volumes accounting for 66% and 11% of the activity. On the other hand, only 18.5% and 14.5% of their total trades are washes.
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