Unlike NFTs, money is fungible. If they weren't "sloshing around" that crypto money they could easily sell it on Coinbase, withdraw the $10K, and buy something else.
True, but if I've got a lot of ETH, is there anything stopping me from buying/minting a cheap NFT and then wash trading it between wallets I own for seemingly large sums of money -- all of which is actually staying within my possession, minus gas fees?
Unless there is some strong KYC on opensea that prevents this (I honestly don't know, having never used the platform), it seems almost inevitable. There's not really an objective way to value most of this stuff, so buyers are going to look at the price history to guesstimate what they might be able to resell an NFT for. But how much of that price history is bogus wash trades?
Unless there is some strong KYC on opensea that prevents this (I honestly don't know, having never used the platform), it seems almost inevitable. There's not really an objective way to value most of this stuff, so buyers are going to look at the price history to guesstimate what they might be able to resell an NFT for. But how much of that price history is bogus wash trades?