Non-fungible tokens have seen a 'significant' rise in manipulative practices that exaggerate prices, liquidity and launder money, according to new data — a growing fear as the sector turns increasingly volatile.
Yet the data presented by Chainalysis shows that the practice is sometimes not even worth the effort.“We found that by and large, [wash trading] really is not an attractive thing to do in the NFT space,” Grauer told Yahoo Finance.
Looking at a sample of buyers and sellers across multiple NFT marketplaces, the study tracked the profitability of 252 traders who they assumed with a high degree of confidence could be classified as habitual wash traders. According to the report, the 110 profitable wash traders collectively made nearly $8.9 million, which dwarfed the $416,984 in losses made by the other 152 habitual wash traders.
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