NFTs, which mean the storage, protection and digital certification of assets on the internet by processing them on the blockchain, continue to spread around the world. It is thought that these digital assets, which receive investments from many people and institutions, from music festivals to giant technology companies, may contain some risks as well as predictable.
Recently, OpenSea, one of the world’s largest NFT marketplaces, announced that 80% of NFTs created on the platform were fake, spammed or plagiarized. In a previous study, it was stated that NFT markets are controlled by whales and can be used for market manipulation and money laundering. Now, the warning about NFTs came from the US Treasury Department.
‘NFTs may pose new risks’
In the statements made by the Ministry, the works of art for which high fees are paid; Emphasis was placed on the possibility of being used for money laundering and facilitating the financing of terrorism. Stating that a study was published on the subject, the ministry noted that there was evidence of some money laundering risk in the art market, while the evidence on terrorism financing was limited.
In the statements, it was stated that some features unique to digital artworks that are sold for high value make these works attractive for money laundering, and it was stated that those who are vulnerable to money laundering in the art market are businesses that offer services such as collateralized loans. There should be transparency among those involved in the art market; It was also stated in the statements of the ministry that private sector sharing programs should be developed and customs practices should be regulated in order to encourage this situation.
In the statements emphasizing the works of art found in digital media such as NFTs, which can be transferred to Turkish as ‘digital assets that cannot be changed’; money laundering etc. that such assets can create new risks. It was underlined that this could lead to an increase in incidents and a warning was given.
The millions of dollars already paid to NFTs has been a topic of great debate for a long time. While many people described this situation as an ‘investment’, many thought that these transactions were for money laundering and stated that NFTs were used maliciously. So, what do you think about this? You can share your thoughts in the comments.
