Beginner's Guide to NFTs: What Are Non-Fungible Tokens?
Critics compare the structure of the NFT market to a pyramid or Ponzi scheme, in which early adopters profit at the expense of those buying in later. In June 2022, Bill Gates stated his belief that NFTs are "100% based on greater fool theory". A process known as "sleepminting" allows a fraudster to mint an NFT in an artist's wallet and transfer it back to their own account without the artist becoming aware. This allowed a white hat hacker to mint a fraudulent NFT that had seemingly originated from the wallet of the artist Beeple. You can then purchase NFT s via any of the online NFT marketplaces, including OpenSea, Rarible, and SuperRare. NFTs, as with other blockchain securities and with traditional art sales, can potentially be used for money laundering. Auction platforms for NFT sales may face regulatory pressure to comply with anti-money laundering legislation. One of the obvious benefits of buying art is it lets you financially support artists you like,