NFT Money Laundering: FACT OR FICTION?! Deep Dive!!
Hope you managed to catch my livestream this morning 📹
I really am enjoying doing these. In case you were wondering, 3pm UK time, 10am EST every Friday.
I know that the quality on the clips channel isn't as clear as TikTok, but hopefully next week it will be much better 🙏
Now, if you're not tired of me talking, it's time for another video on the main channel!!
And this is going to be a juicy one...
Have you ever felt like there was something fishy about all the insane NFT valuations we've seen these days? As much as I love NFTs, I must admit that I've had my doubts, so I took it upon myself to explore the dark side of the NFT industry.
Most NFTs are of course art, and there are lots of parallels between the two markets. The most sensational of these is the insanely high valuations that art works have also seen, namely the Salvator Mundi which initially sold for 70 dollars and now costs 450 million!
As it so happens, the US Treasury Department released a report about criminal activity in the art and NFT market. Contrary to what the crypto headlines would have you believe, the report didn't spend too much time talking about NFTs, but it did reveal something else.
Because of the pandemic, the art market has been on a bit of a decline, not necessarily in valuation but in trading volume. From where I'm standing, it looks like a lot of this money found its way into the NFT market, along with some... shady tendencies of that industry.
Really excited to get your feedback about this one. It's a must watch for anyone interested in NFTs, and all I'll say here is that the rabbit hole goes deep.
Enjoy!
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⛓️ 🔗 Useful Links 🔗 ⛓️
► Beeple NFT Sale: https://www.theverge.com/2021/3/11/22...
► Salvator Mundi Price History: https://news.artnet.com/market/timeli...
► Geneva Freeport: https://www.thecollector.com/geneva-f...
► Treasury Department Art Money Laundering Report: https://home.treasury.gov/news/press-...
► Chainalysis NFT Crime Report Preview: https://blog.chainalysis.com/reports/...
► Chainalysis NFT Market Report Preview: https://blog.chainalysis.com/reports/...
► Chainalysis Crypto Crime Report Preview: https://blog.chainalysis.com/reports/...
► Crazy Cryptopunk Sale: https://markets.businessinsider.com/n...
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
