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Dune Report Reveals 60% of NFT Trades Were Wash Trades

Katie Lin

Summary: A report by blockchain analytics firm Dune revealed that nearly 60% of non-fungible tokens (NFTs) trades this year were wash trades. Wash trading is the practice of buying and selling a security to increase trading activity and create the appearance of a high demand for the asset. Wash trading is common across many NFT marketplaces, ...

A report by blockchain analytics firm Dune revealed that nearly 60% of non-fungible tokens (NFTs) trades this year were wash trades.

Wash trading is the practice of buying and selling a security to increase trading activity and create the appearance of a high demand for the asset.

Wash trading is common across many NFT marketplaces, including LooksRare, X2Y2, Element, amongst others. According to Dune, Ethereum has the highest volume of wash trades, with 45% of its trades being fake.

Author: Katie Lin

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Link: Dune Report Reveals 60% of NFT Trades Were Wash Trades   [Copy]
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