In For A NF-Treat

NFT prices are still soaring.

While some are finally understanding the fascination and near-obsession with an ape JPEG, there are others such as the U.S government who are more worried about money laundering.

• A criminal can purchase an expensive NFT with illicit funds and resell it to another collector thus getting money not tied to a prior crime.
• Some auction houses and galleries don’t have the appropriate understanding of distributed ledger technology required to practice customer identification. 
• NFTs sold as peer-to-peer (P2P) can bypass the need for an intermediary.
• To learn more, feel free to check out the treasury department’s study.

The department of treasury believes these high-value NFTs are at risk and will thus be paying much closer attention. Lucky for them, every transaction is documented and stored on the blockchain.