The Non-Fungible Token (NFT) market in the Ethereum blockchain experienced explosive growth in 2021, with a monthly trade volume reaching \$6 billion in January 2022. However, concerns have emerged about possible wash trading, a form of market manipulation in which one party repeatedly trades an NFT to inflate its volume artificially. Our research examines the effects of wash trading on the NFT market in Ethereum from the beginning until January 2022, using multiple approaches. We find that wash trading affects 5.66% of all NFT collections, with a total artificial volume of \$3,406,110,774. We look at two ways to profit from wash trading: Artificially increasing the price of the NFT and taking advantage of the token reward systems provided by some marketplaces. Our findings show that exploiting the token reward systems of NFTMs is much more profitable (mean gain of successful operations is \$1.055M on LooksRare), more likely to succeed (more than 80% of operations), and less risky than reselling an NFT at a higher price using wash trading (50% of activities result in a loss). Our research highlights that wash trading is frequent in Ethereum and that NFTMs should implement protective mechanisms to stop such illicit behavior.
翻译：在2021年，以太坊区块链中的非同质化代币(NFT)市场经历了爆炸式增长，截至2022年1月份的月交易量达到60亿美元。然而，人们开始担心可能存在洗钱交易，这是一种市场操纵的形式，其中一方反复交易NFT以人为地增加其交易量。我们的研究从开始到2022年1月份，采用多种方法研究了洗钱交易对以太坊NFT市场的影响。我们发现，洗钱交易影响了5.66%的所有NFT集合，总人为交易量达到34.0611亿美元。我们研究了两种从洗钱交易中获利的方法：人为提高NFT价格和利用一些市场提供的代币奖励系统。我们的研究结果表明，利用NFT市场的代币奖励系统比通过洗钱交易以更高的价格转售NFT更具有收益性（LooksRare的成功操作平均收益为105.5万美元），成功的概率更高（超过80%），并且风险更小。相比之下，通过洗钱交易以更高的价格将NFT转售会产生更多的亏损（50%的活动结果会亏钱）。我们的研究凸显出洗钱交易在以太坊中非常普遍，NFT市场应该实施保护机制以阻止这种非法行为。
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