The rally comes even as the average price of an NFT has dropped 13% to $107, according to data from CryptoSlam. The number of transactions has risen 30%while sales volume is down 36% to $1.1 billion for the month. Wash trading, a form of market manipulation in which a buyer and seller collude to give the appearance of demand, accounts for 39% of all volume, according to CryptoSlam data.
