TechFlow news, according to The Block, wash trading volume in the Ethereum NFT market has dropped to its lowest level in over a year.
Data from The Block Pro's dashboard shows that on January 9 and January 13, 2024, NFT wash trading volume accounted for 1.8% of total dollar trading volume. This is significantly lower than the 36.2% recorded on January 1, 2023, and marks the lowest level since May 1, 2022, when it stood at 0.35%.
Rebecca Stevens, Senior Research Analyst at The Block, said: "Blur is actively trying to filter out wash traders from their airdrops, which makes wash trading less attractive. Along with declining valuations of some NFT marketplace tokens, this has led to an ongoing decline in overall wash trading."
Wash trading is a form of market manipulation where individuals trade assets among themselves to artificially inflate prices or the appearance of liquidity.
