Shill bidding is a process where a party intention bids by faking the price of a seller on their auction to raise. Or inflate the final cost of the commodity, property, or any said thing being auctioned. Shill bidding is susceptible to the sale of NFTs sale as suspected by the sceptics.
NFTs have become a lot popular in recent times, which has raised many concerns. NFTs has been selling in millions leading to many suspects for its sales and auctions.
NFTs are being sold for millions at prices
The open sea saw its opening at $3.44 Billion in its Non-Fungible Tokens, Axie Infinity (another NFTs sale) saw $838 million. The Autoglyph got sold for $1.582 million in the market or approximately 460 Ethereum, the pixelated (a crypto punk NFT) saw $653 million in its sale. Many other companies were in the line bagging many profits. These vast amounts bring doubt for rigging and shill bidding. NFTs being new in the market makes people significantly less aware of its rules and regulation, opening the gate for manipulations and frauds. These assets have made billions in the last year, but the market experts predict that this frenzy will not last for a long time. Similarly, the Bored Ape Yacht Club was not on the market trending list for months and years, but its NFTs also got sold for thousands and hundreds. Many crypto experts expect this trend to last just for this year.