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Since wallets aren't KYC one user with another wealth can bid up their own NFT or even sell it to themselves. Until a mark comes along and buys it

You sell to your self on a different account, makes it look like people are buying it.

This thread explained the scam pretty well https://twitter.com/Foone/status/1457749433844568066?s=20 (they changed NFT-->NTFS to avoid bots)