‍NFTs Not Above the Law | 2.14.22

GM Ser,

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‍NFTs Not Above the Law

 The UK is cracking down on NFTs and just made the first seizure in the digital goods’ history. 

Three NFTs were seized by Her Majesty’s Revenue & Customs department that were suspected to be linked to criminal activity.

Turns out the NFTs were made out to defraud the public coffers of $1.9 million. In addition to the $1.9 m, The department also seized another 5,000 pounds of other crypto assets. 

This led to the arrests of three individuals tied in the fraud for “alleged value added tax repayment fraud involving 250 fake companies.”

The HMRC said that these seizures should serve as a warning to those who thought they could hide money through crypto assets. 

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Aoki Praises NFT Earnings

Popular DJ Steve Aoki says that he made more money in his first NFT drop last year than his music career spanning 10 years. 

“As music NFTs become more of a part of how we integrate and support artists, the labels will have to do more than just add the song on a playlist,” Aoki said.

Aoki, having been on the crypto scene for a while, is a vocal advocate for NFTs and fully believes they will revolutionize the music industry, as well as the rest of the internet platform going forward. 

The musician is even launching his own NFT marketplace called the Aokiverse.