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Nearly 60% of NFT Trading Volumes in 2022 Was Wash Trading

A recent report published by blockchain analytics firm Dune revealed that nearly 60% of non-fungible token (NFT) trading volumes this year were wash trades.

According to Dune, wash trades started 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 (ETH) possible. They aim to accumulate token rewards more valuable than the gas fees spent.

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