What Is NFT Wash Trading?

While wash trades are often hard to detect, there have been notable examples of inflated NFT trades that were used to manipulate market prices. On Oct. 28, 2021, CryptoPunk 9998 was traded between two wallets for 124,457 ether (ETH), worth around $532 million at the time. The sale of the white-haired, green-eyed, pixelated character was picked up by CryptoPunks Bot, which automatically tracks and announces CryptoPunks transactions on Twitter.

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