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They sort of get to this at the end of the article, but are right. The reality is that NFTs are vehicles for money laundering and gambling. They really have n
by outside1234 5y ago
They sort of get to this at the end of the article, but are right.
The reality is that NFTs are vehicles for money laundering and gambling. They really have nothing to do with the art.
- twox2 5y agoGambling yes, but so far the money laundering claim is baseless outside of hypothetical scenarios. The overwhelming majority of NFT sales are retail sales well below the $10k price point.
- lukifer 5y agoWhile I haven't seen any actual data, I suspect tax dodging is also a significant motivator in the NFT market (just like the market for physical art assets)
- twox2 5y agoI think it might be for some people, sure, but usually the argument is that things like this are the main driver of NFT sales, which I think is way off the mark.
- outside1234 5y agoWhich is exactly what you would do if you were money laundering because it keeps it below the bank reporting threshold.