The Central Bank of Taiwan is warning about NFT
6/21/2022, 01:05 AM
The Central Bank of the Republic of China is concerned about fake transaction in the field of NFTs.
Investing in NFT is at Risk According to a recent Taiwan News report, the country's central bank does not consider NFT gambling to be a viable investment strategy. Citing a survey, the institute points out that less than 30% of investors benefit from the sale of digital collectibles, while one in three works of art produced remain unsold.
NFTs could define both digital and physical objects. In this way it is possible to prove the ownership of these goods and verify their authenticity. However, the bank said this quality is questionable, as anyone could create a digital collection and use it to steal data. Last year, American YouTuber Logan Paul joined the NFT craze by teaming up with Bondly Finance. They promised to make and distribute unbreakable chips for Paul's Pokemon Break Box. A few months later, the American launched into space again, but his actions raised doubts among investors. He allegedly manipulated the archival images for his own Cryptozoo project and then sold these fake items to investors for millions of dollars.
The Central Bank of Taiwan also noted that despite the progress over the past year, the NFT market has recently slowed down. The number of traders in 2020 did not exceed 75,000, while a year later it reached 2.3 million people. It should also be noted that NFT trading volumes hit their most impressive highs last summer. They surpassed $ 500 million in a single day in late August, but the trends changed and the craziness began to subside in September. Bill Gates' thoughts on NFT Last week, American tycoon and Microsoft co-founder Bill Gates advised investors to pay close attention to trading, as it is based on the sarcastic theory of the madman, noting that digital images of monkeys create the world would be a better place.
Investing in NFT is at Risk According to a recent Taiwan News report, the country's central bank does not consider NFT gambling to be a viable investment strategy. Citing a survey, the institute points out that less than 30% of investors benefit from the sale of digital collectibles, while one in three works of art produced remain unsold.
NFTs could define both digital and physical objects. In this way it is possible to prove the ownership of these goods and verify their authenticity. However, the bank said this quality is questionable, as anyone could create a digital collection and use it to steal data. Last year, American YouTuber Logan Paul joined the NFT craze by teaming up with Bondly Finance. They promised to make and distribute unbreakable chips for Paul's Pokemon Break Box. A few months later, the American launched into space again, but his actions raised doubts among investors. He allegedly manipulated the archival images for his own Cryptozoo project and then sold these fake items to investors for millions of dollars.
The Central Bank of Taiwan also noted that despite the progress over the past year, the NFT market has recently slowed down. The number of traders in 2020 did not exceed 75,000, while a year later it reached 2.3 million people. It should also be noted that NFT trading volumes hit their most impressive highs last summer. They surpassed $ 500 million in a single day in late August, but the trends changed and the craziness began to subside in September. Bill Gates' thoughts on NFT Last week, American tycoon and Microsoft co-founder Bill Gates advised investors to pay close attention to trading, as it is based on the sarcastic theory of the madman, noting that digital images of monkeys create the world would be a better place.