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NFT Wash Trading Increases by 126% in February

The top six nonfungible token (NFT) marketplaces saw a rise in NFT wash trading for the fourth straight month with a total volume of $580 million.

According to a new report from CoinGecko, February 2023 witnessed a 126% increase from the previous month’s volume of $250 million. As for a reason for the jump, the report points to a correlation with the overall recovery of NFT marketplace trading volume, which hit $1.89 billion in February.

The six marketplaces included in the report were Magic Eden, OpenSea, Blur, X2Y2, CryptoPunks and LooksRare. X2Y2, Blur and LooksRare played the largest roles in February’s volume for NFT wash trading with $280 million (49.7%), $150 million (27.7%) and $80 million (15.1%), respectively.

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