While the popularity of certain NFT projects can fluctuate depending on market conditions, this shadowy practice is often used to manipulate the prices of certain NFTs to make them appear more valuable. Here's what that looks like:
, also display this information on their listing pages. A sudden jump in the price of an NFT without any prior activity could be a sign of wash trading.Look out for wallet addresses that show up multiple times in the transaction history, as in the case of CryptoPunk 9998. If the same wallet has purchased an NFT multiple times, then it could be a sign of wash trading.
NFT traders will engage in this activity to create a false impression of high demand and inflate the value of an NFT collection. Typically, there are signs to look out for when an NFT has been wash traded, such as a major difference between the floor price and list price of an NFT in a collection. Ultimately, researching an NFT collection and looking at the transaction history is important to understanding if an NFT's price has been manipulated.
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