{"id":482382,"date":"2022-02-08T21:43:42","date_gmt":"2022-02-09T02:43:42","guid":{"rendered":"https:\/\/www.lightstalking.com\/?p=482382"},"modified":"2022-02-08T21:43:44","modified_gmt":"2022-02-09T02:43:44","slug":"wash-trading-prevalent-with-nfts-according-to-report","status":"publish","type":"post","link":"https:\/\/www.lightstalking.com\/wash-trading-prevalent-with-nfts-according-to-report\/","title":{"rendered":"Wash Trading Prevalent with NFTs According to Report"},"content":{"rendered":"\n

It\u2019s a trick as old as the market itself and it is one that the newest of forums<\/a> is not immune to it seems.<\/p>\n\n\n\n

\"\"
Photo by Ferhat Deniz Fors<\/figcaption><\/figure>\n\n\n\n

NFT trading<\/a> is being called out for some of its more nefarious practices, among them the practice of wash trading wherein the buyer of the NFT is the owner himself, creating a false trade and artificially inflating the value of the trade. Purchasers not part of this nefarious loop will be in possession of something with an inflated value, something they will learn once they attempt to sell these NFTs themselves.<\/p>\n\n\n\n

In other words, caveat emptor or buyer beware is always a good word of caution to keep in mind.<\/p>\n\n\n\n

Endgadget cites a report from data research firm Chainalysis that identified \u201ca group of 110 NFT traders\u201d that made some $8.9 million from the scheme. Evidence used to buoy this argument were the trades of the NFTs themselves, some of which were sold back and forth some 25 times.<\/p>\n\n\n\n

Why does any of this matter? Well, people (photographers among them) are glomming on to NFTs in huge numbers. The current market could rise to as much as $45 billion<\/a> in the near future hence why so many people are paying attention to this emerging market.<\/p>\n\n\n\n

Yet, as with any relatively unregulated marketplace, there are more than a few reasons to exercise caution when it comes to NFTs – especially here in the beginning. How any kind of regulation is going to be implemented, if at all, is beyond this writer\u2019s paygrade but there\u2019s no way it\u2019s going to go very far without some kind of guardrails to protect end buyers. After all, from wine to art to stocks and more, collecting valuable things is an art and a science that, depending on the field, has more than a few experts, institutions, and ancillary organizations to help protect people from this kind of thing.<\/p>\n\n\n\n

What\u2019s your stance with regard to NFTs? Let us know your thoughts in the comments below.<\/p>\n\n\n\n

We\u2019ve got some more photography news on Light Stalking at this link right here if you\u2019d like to check it out<\/a>.<\/p>\n\n\n\n

[Engadget<\/a>]<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s a trick as old as the market itself and it is one that the newest of forums is not immune to it seems. NFT trading is being called out for some of its more nefarious practices, among them the practice of wash trading wherein the buyer of the NFT is the owner himself, creating […]<\/p>\n","protected":false},"author":96368,"featured_media":482384,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"yoast_head":"\nWash Trading Prevalent with NFTs According to Report | Light Stalking<\/title>\n<meta name=\"description\" content=\"It\u2019s a trick as old as the market itself and it is one that the newest of forums is not immune to it seems. 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