Wash trade peaked at more than 80% in mid-January of this year. This activity on OpenSea, CryptoPunks, and Foundation was insignificant in terms of volume and trade count; LooksRare and X2Y2 were wash trading hubs, with 98% and 87% of trade volume driven by wash trades, respectively, but this type of trade only accounts for 25% and 22% of total trade count; Element and Sudoswap are also popular platforms.
That is around 11% by volume and 14.5% by number. The basic idea behind NFT wash trading is to command two wallets to trade their own NFT in order to gain as much ETH as possible.
The goal is to accumulate Token rewards to the point that their value outweighs the amount of Gas paid.
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