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If you have $200,000 in ETH, you can sell yourself a $200,000 NFT. Externally it looks like some anonymous person gave you $200,000 for an NFT, rather than you
by bduerst 5y ago
If you have $200,000 in ETH, you can sell yourself a $200,000 NFT. Externally it looks like some anonymous person gave you $200,000 for an NFT, rather than you just trying to legitimize illegal cash flows.
Or alternatively, you can double your net worth, because you go from having $200,000 ETH to having $400,000 ($200,000 ETH and a $200,000 NFT). This can then be used to fool naive lenders (or buyers) to giving you money at a fraction of the amount the NFT is worth, which is still a net gain for you.
If you're buying NFTs like they're legitimate "art" and not aware that NFTs exist for these purposes, then you shouldn't be playing the NFT game.
- Melatonic 5y agoI think you are getting this wrong the NFT scam is a tax evasion thing - much like much of fine art.