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> In fact, someone can "sell" an NFT to themself in a wash trade between two wallets they control. The last trade price of the NFT is now recorded as the transa
by teej 5y ago
> In fact, someone can "sell" an NFT to themself in a wash trade between two wallets they control. The last trade price of the NFT is now recorded as the transaction price, but it's possible that money never actually changed hands.
I heard rumors this is what happened with the Beeple nft
- square_usual 5y agoBeeple actually got paid, though, and (smartly) cashed it all out into fiat.
- sneak 5y ago...and then returned it quietly to the person who had loaned it to him temporarily to elevate his brand?
- vintermann 5y agoThat's at least riskier to do with "fiat" (not that it would be legal with blockchain money either).
- sneak 5y agoWhy would it be illegal? Wash sales of NFTs aren’t illegal, as far as I understand. It could be a legitimate marketing procedure.
- square_usual 5y agoHuh, I didn't know that. Geez, this is scammier than I thought, and it was already pretty scammy. E: I looked around a bit and can't find any source for this, so I guess it's just a rumor?
- sneak 5y agoHence the question mark. I imagine most high profile NFT sales are simply wash sales for the publicity.