Despite bad market conditions, we continue to see a high number of unique buyers and sellers. Why is this happening?
According to Footprint Analytics’ filters, wash trading makes up nearly half of all NFT trading volume.
Traders seeking to artificially inflate the price of collections or earn marketplace trading rewards generated $389 million in wash trades out of October’s total of $758 million in NFT trading volume — bringing the amount of wash trading in the NFT market close to half that of organic trading. The number of wash trading users accounts for nearly 46% of total users.