An NFT created by digital artist Zamblek named “Shambo NFT #84” on Binance NFT marketplace is displayed on a mobile phone in December last year. With NFT sales now in the billions of dollars, the ecosystem has attracted attention from scammers and money launderers. Photo: AFP
Opinion
Opinion
The View
Wild west of art NFTs needs regulating, but government oversight is not the answer
- Government regulation to curb cryptocurrencies and, by extension, regulate art NFTs will prove fruitless given the internet’s ability to reach any determined consumer
- Instead, we need a system of decentralised governance working in tandem with private entities to prevent predatory trades
An NFT created by digital artist Zamblek named “Shambo NFT #84” on Binance NFT marketplace is displayed on a mobile phone in December last year. With NFT sales now in the billions of dollars, the ecosystem has attracted attention from scammers and money launderers. Photo: AFP
