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.

Who owns an NFT?

The owner, or fractional owners, of an NFT are listed as the digital owner/proof of authenticity on the blockchain. Some people are breaking copyright law by minting existing images that they did not create. Use your own digital designs in your NFT, you own it (i.e., you own the copyright).

What are NFTs and why do we need them?

Enthusiasts bill NFTs as a new way to support art and own collectibles, with celebrities and some artists trying to profit from the technology. But that market is also rife with problems, like digital pirates downloading and making a profit off of artists’ work without their permission.