A group of 110 alleged NFT wash traders who have made roughly $8.9 million in profit from this practice. Researchers also discovered significant evidence of money laundering in the NFT marketplace in the last half of 2021. The value sent to NFT marketplaces by addresses associated with scams spiked significantly in the third quarter of 2021, worth more than $1 million worth of cryptocurrency, according to the report.

This process is actually the only way NFTs are relevant or were able to make any big “sales” in the first place. Wash sales are a key part of inflating the value.

Painting the tape. That’s the financial market term. Make it look like more volume or interest when it’s yourself or firm.