Are people buying their own NFTS to drive up prices?

The NFT marketplace is rife with people buying their own NFTs in order to drive up prices, according to a report released this week by blockchain data firm Chainalysis. Known as “wash trading”, the act of buying and selling a security in order to fool the market was once commonplace on Wall Street, and has been illegal for nearly a century.

Are NFT traders wash trading?

Many NFT traders are engaging in wash trading, says a new report. The NFT marketplace is rife with people buying their own NFTs in order to drive up prices, according to a report released this week by blockchain data firm Chainalysis.

What are NFTs and why are they everywhere?

When a piece of digital artwork at Christie’sauction house sold for a record $69mn, NFTs, or non-fungible tokens, caught everyone’s attention. Thanks to a new breed of cryptocurrency users, NFTs, over the last few years, have overwhelmed the digital art and collectible space.

What are NFTs and meta drivers?

An NFT is a non-fungible token representing a numeric object, often digital art. With Meta Drivers, the NFTs will also be entry tickets to our Play to Earn game. What is minting? Minting is the process of registering an NFT on a blockchain. Meta Drivers will live on the Ethereum blockchain. How many Meta Drivers will be available?