Tao Yan
Tao Yan received his bachelor degree in Information Systems and Finance in 2014, and master degree in Big Data Management in 2020. He is focusing on Decentralized Finance(DeFi) and Blockchain analysis.
Session
Non-Fungible Tokens (NFTs), a new entrant in the digital asset space, have garnered significant attention and inspired a community of passionate collectors and investors. However, NFT markets are vulnerable to fraudulent activities, particularly wash trading, which involves deceptive market activity and inflated sales prices. In this paper, we propose a novel algorithm to detect wash trading by leveraging the feature that NFT transactions on the blockchain constitute a chain of ownership. Through extensive analysis, we examine the evolution of wash trading patterns across the NFT market and pinpoint traders who consistently influence prices. Furthermore, our algorithm detects multilayer wash trading and exposes resulting price manipulation. By improving our understanding of the risks of the NFT market, our approach contributes to creating a safer, more transparent, and fairer environment for all participants.