• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Taiwan's Central Bank Finds NFTs As Inappropriate, Warns General Public To Stay Away
Nexo

Taiwan’s Central Bank Finds NFTs As Inappropriate, Warns General Public To Stay Away

Sarah by Sarah
2 weeks ago
in NFT
0
Advertisement

Though non-fungible tokens have suddenly risen within the digital space, their growth has some insecurities too. More people embrace NFTs and their numerous opportunities in the virtual world. Increased focus goes on the several use and application of NFTs. While some brands use the tokens for advertisements, some use them to build and engage a strong community of users.

However, the recent reports of fraudulent activities with non-fungible tokens are increasing. Several strategies and scamming activities have been traced to the use of NFTs. Such an uprise is also drawing the attention of different governments, regulatory bodies, and financial institutions.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

There are rumors and beliefs that many fake transactions occur in the NFT space. In addition, a recent report disclosed the warning from Taiwan’s Central Bank with the same opinion of fake NFT transactions.

Suggested Reading | Cardano Is The Most Held Crypto In A Bear Market, Survey Shows

The Taiwan News reports that the Central Bank of the Republic of China has a skeptical view of NFT investments. The country’s apex bank based its statement on a survey of NFT collections. According to the report, profitability in NFT investments was recorded to be below 30% among the investors. In addition, lots of the artwork NFTs remained unsellable.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

NFTs Collection Could Be Dubious

In its line of argument, the bank doubts the ownership authentication with the collectibles. The definition of NFTs lies in physical and virtual items.

So once an investor acquires an NFT collection, he must prove his ownership and verify the authenticity. But the bank argues that there’s a possibility of getting dubious creators around since anyone could develop NFTs to steal investors’ data.

Also, Taiwan’s Central Bank identified the considerable growth of the NFT market last year. As of 2020, the market had about 75,000 traders that hovered through NFT transactions. The number gradually grew to 2.3 million participants in 2021. But, the overall price drop in the crypto space has also affected the performance of the NFTs.

Taiwan's Central Bank Finds NFTs As Inappropriate, Warns General Public To Stay Away
Cryptocurrency market to falls again on daily chart | Source: Crypto Total Market Cap on TradingView.com

Recall the case of Logan Paul, the famous American YouTuber that came onboard the NFT space last year. Through his partnership with Bondly Finance, the firm planned on developing an NFT collection for his Pokemon Break Box.

Related Reading | How This U.S. Cable Provider Will Launch Loyalty Coin On Cardano

He later returned to the sector after some months, but some investors became suspicious of his movements. Then came the allegation of stock image photoshopping, which he used for his Cryptozoo collection. But, according to the report, unsuspected investors still bought the NFTs he sold for millions of dollars.

In a similar report, Bill Gates, the co-founder of Microsoft, has also warned NFT investors to be cautious in their deals.

According to his description, NFTs are composed of the greater fool’s theory. While being sarcastic, Gates wondered how images of monkeys solve the world’s problems. Gates referred to the Bored Ape Yacht Club, which many celebrities have acquired with millions.

Featured image from Pixabay, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Sarah

Sarah

Sarah is a journalist who continues to share her passion for writing through her writing in DeFi, FinTech, and Cybersecurity.

Related Posts

Snoop Dogg NFT

Snoop Dogg Still Bullish On Ethereum Despite NFT Trades Declining 70%

2 days ago
Bored Ape Themed Restaurant Will No Longer Accept Crypto Payment

Bored Ape Themed Restaurant Will No Longer Accept Crypto Payment

6 days ago
NFTs In A Nutshell: A Weekly Review

NFTs In A Nutshell: A Weekly Review

7 days ago
NFT

NHL Partners With NFT Marketplace Sweet To Bring Digital Collectibles To Fans

1 week ago
NFT NYC, Goblin Town actors

Crypto Reacts To The NFT NYC Conference: The Bad And The Ugly

1 week ago
NFT NYC, the Cool Cats exhibit

Crypto Reacts To The NFT NYC Conference: The Good

1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.