The dark side of NFT marketetplaces

NFT Marketplace Opportunism At It’s Finest!

As NFTs have rapidly risen in popularity, so has their potential for abuse, revealed a recent report by Chainalysis.

The blockchain research and analysis firm investigated two forms of illicit NFT marketplace activity in the NFT market–wash trading and money laundering–uncovering worrying stats.

NFT wash traders are making their digital collectibles appear more valuable by selling them to new wallets, which they finance themselves.Although not as significant as wash trading, the use of NFTs for money laundering is on the rise, revealed the second part of the report.

The post The dark side of the NFT market appeared first on CryptoSlate.

Read More