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Cryptocurrencies

8 Feb 2022

Fraud and Suspicion Taint NFT Markets after trading reached $25 Billion Turnover in 2021

The Index Today

Non-fungible tokens (NFTs) have rose to prominence in recent times as world markets gravitate towards more unconventional means of trading and generating revenue.

While NFTs have spelled largely positive outcomes for a multitude of users, recent consensus have placed the market under the spotlight for the wrong reasons.

A report by Reuters revealed certain dubious practices in the NFT markets where assets sustained strange price hikes within a short period of time, contributing to the growing concern of NFT trading platforms aiding in dark, and even unlawful trade practices.

Last month, a pixelated image of a person from “Meebit” was sold at a price amounting to $50.6 million in the NFT market. However, in a surprising turn of events, the original owner was able to buy back the image for about $49.6 million, which is a million dollars short of the previous selling price.

Additionally, certain illegal practices such as wash trading and money laundering are also becoming increasingly common in the NFT markets, as reported by Chainalysis.

Although all transactions are recorded, they do not contain information of the individuals concerned. This comes after NFT trading reached $25 billion in turnover in 2021.

©Photo: Alex Castro / The Verge

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