news4global
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    ये Coins कर सकते बर्बाद ‼️  Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    ये Coins कर सकते बर्बाद ‼️ Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Top 3 Crypto Binance Upcoming Listing | top cryptocurrency to invest in 2023 | Crypto news today |

    Top 3 Crypto Binance Upcoming Listing | top cryptocurrency to invest in 2023 | Crypto news today |

    ELON MUSK’S HUGE WARNING! 🚨 CRYPTO NEWS TODAY 🔥 CRYPTOCURRENCY NEWS LATEST! 🔥 BITCOIN NEWS TODAY

    ELON MUSK’S HUGE WARNING! 🚨 CRYPTO NEWS TODAY 🔥 CRYPTOCURRENCY NEWS LATEST! 🔥 BITCOIN NEWS TODAY

    IIF CEO Adams on Banking Risks, Cryptocurrency Regulation

    IIF CEO Adams on Banking Risks, Cryptocurrency Regulation

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    ये Coins कर सकते बर्बाद ‼️  Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    ये Coins कर सकते बर्बाद ‼️ Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Top 3 Crypto Binance Upcoming Listing | top cryptocurrency to invest in 2023 | Crypto news today |

    Top 3 Crypto Binance Upcoming Listing | top cryptocurrency to invest in 2023 | Crypto news today |

    ELON MUSK’S HUGE WARNING! 🚨 CRYPTO NEWS TODAY 🔥 CRYPTOCURRENCY NEWS LATEST! 🔥 BITCOIN NEWS TODAY

    ELON MUSK’S HUGE WARNING! 🚨 CRYPTO NEWS TODAY 🔥 CRYPTOCURRENCY NEWS LATEST! 🔥 BITCOIN NEWS TODAY

    IIF CEO Adams on Banking Risks, Cryptocurrency Regulation

    IIF CEO Adams on Banking Risks, Cryptocurrency Regulation

No Result
View All Result
news4global
No Result
View All Result
Home Blockchain

Caution urged for purchasers of non-fungible tokens

April 26, 2022
Reading Time: 3 mins read
0
Caution urged for purchasers of non-fungible tokens
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Cryptocurrency Price Today: Popular Coins Like Bitcoin, Ethereum Reported Gains As Threshold Emerged As Biggest Loser

Cryptocurrency Price Today: Popular Coins Like Bitcoin, Ethereum Reported Gains As Threshold Emerged As Biggest Loser

January 28, 2023
New Cryptocurrency Unlikely To Help Russia And Iran Evade Sanctions

New Cryptocurrency Unlikely To Help Russia And Iran Evade Sanctions

January 27, 2023

The Financial Markets Authority (FMA) says it’s a case of “buyer beware” when it comes to purchasing non-fungible tokens (NFTs).

An NFT.
Photo: 123rf

NFTs are virtual assets which use blockchain technology, allowing for the ownership and tradability of anything digital – be it videos, memes or online artworks.

These virtual assets are “minted” and established as unique files on a digital ledger (the blockchain) which provides an unfalsifiable record of ownership that can be traded.

NFTs have been gaining in popularity worldwide, with high value transactions frequently making headlines.

They have also captured the attention of local buyers, with an auction held by Webbs auction house that ended on 1 February said to be the first major auction of NFTs in New Zealand. The sale fetched more than $127,000 for two NFTs derived from photos of artist CF Goldie, which had been estimated to reach up to $8000 each.

Big corporate brands have also been moving into the asset class, with global airline Emirates announcing plans last week to roll out its own NFT project as another way to connect with customers.

Financial Market Authority financial technology specialist lead Binu Paul said these assets had been attracting a lot of hype, especially online, and the regulator wanted to make sure people knew what they were getting into.

“It comes down largely to what people are trying to achieve by putting money into an NFT. If you’re a hobbyist or you are buying an NFT as a collectible – that’s fair enough, you are pretty much getting bragging rights to a particular NFT.

“But if your expectation is that you are going to get some kind of financial return then you have to ask yourself, what’s going to drive the price of that NFT above what I paid for it?

“If my only answer is: ‘Someone else is going to pay me more than what I paid for it’, then I am not really making an investment choice, I am literally speculating that price is going to go up in the future.”

Paul said the biggest risk with NFTs was that their price was driven by sentiment rather than economic factors.

They were also largely unregulated, leaving no recourse for people if things went wrong, he said.

The FMA has received complaints about scams that have taken advantage of the excitement surrounding NFTs.

In some cases people had handed their money over to an entity that was releasing a new NFT, only for the seller to disappear, along with the funds, and leaving the buyer with nothing, he said.

“That risk is not limited just to NFTs or crypto tokens, it applies to any items.

“Scammers are just using whatever topic is the hype of the season and they are using it as a form of clickbait to draw people in to the scam.”

However, the FMA was not discouraging people from buying NFTs.

Paul said if people wanted to get into these assets and were aware of their risk, it was probably best to do it through a local platform which was regulated by the FMA.

For those buying NFTs from overseas, Paul said they would be wise to purchase them through a well-known platform with an established track record.

“The fact is anyone with a device and access to the internet can deal with anonymous and faceless entities on the web, so I think it comes down to a case of buyer beware.”

Tags: AudioCurrent AffairsnewsPodcastsPublic RadioRadio New ZealandRNZ
Share76Tweet47

Related Posts

Cryptocurrency Price Today: Popular Coins Like Bitcoin, Ethereum Reported Gains As Threshold Emerged As Biggest Loser

Cryptocurrency Price Today: Popular Coins Like Bitcoin, Ethereum Reported Gains As Threshold Emerged As Biggest Loser

by admin
January 28, 2023
0

Bitcoin (BTC) and Ethereum (ETH) — two of the most valued crypto coins — managed to rise above the $23,000...

New Cryptocurrency Unlikely To Help Russia And Iran Evade Sanctions

New Cryptocurrency Unlikely To Help Russia And Iran Evade Sanctions

by admin
January 27, 2023
0

TEHRAN, IRAN - Russian President Vladimir Putin (L) meets with Iranian President Ebrahim Raisi (R) ... in Tehran ahead of...

Paradigm Policy Council to Tackle the Crypto Challenges: Policy Director By CoinEdition

UK’s FCA hints at why its given only 15% of crypto firms the regulatory nod By Cointelegraph

by admin
January 27, 2023
0

Despite the plans to turn the region into a bustling crypto hub, the United Kingdom’s financial watchdog says it has...

Instant Payments, Future of Crypto, Cross-Border Payments and Innovation at the Forefront

Instant Payments, Future of Crypto, Cross-Border Payments and Innovation at the Forefront

by admin
January 26, 2023
0

Secure Technology AllianceEvent to include prominent speakers representing top global payments organizationsREDWOOD CITY, Calif., Jan. 26, 2023 (GLOBE NEWSWIRE) --...

WEMIX Officially Launches Fan Token

WEMIX Officially Launches Fan Token

by admin
January 26, 2023
0

WEMIX set to launch Fan Token on WEMIX PLAY Significant move towards building an independent digital economy Airdrop events planned...

Load More
  • Trending
  • Comments
  • Latest

Bitcoin Is ‘Definitely Not a Fraud,’ CEO of Mobile-Only Bank Revolut Says

March 2, 2022

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

March 3, 2022
How online shopping has changed over the last 30 years | National

How online shopping has changed over the last 30 years | National

April 6, 2022
Protocon Announces ‘Contract Model’, an Alternative

Protocon Announces ‘Contract Model’, an Alternative

April 6, 2022

US Commodities Regulator Beefs Up Bitcoin Futures Review

0

Bitcoin Hits 2018 Low as Concerns Mount on Regulation, Viability

0

India: Bitcoin Prices Drop As Media Misinterprets Gov’s Regulation Speech

0

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

0
Bitcoin (BTC) Price Prediction 2025-2030: Will BTC’s sideways market continue

Bitcoin (BTC) Price Prediction 2025-2030: Will BTC’s sideways market continue

January 28, 2023
State crypto commission offers policy recommendations | State news

State crypto commission offers policy recommendations | State news

January 28, 2023
US Allows Use Of NFTs For Fundraising Activities, ReelStar Rolls Out NFT Creation Zone

Elon Musk Wants McDonald’s to Accept Dogecoin; Amazon to Launch NFT Initiative

January 28, 2023
Cryptocurrency Price Today: Popular Coins Like Bitcoin, Ethereum Reported Gains As Threshold Emerged As Biggest Loser

Cryptocurrency Price Today: Popular Coins Like Bitcoin, Ethereum Reported Gains As Threshold Emerged As Biggest Loser

January 28, 2023

Latest News

Bitcoin (BTC) Price Prediction 2025-2030: Will BTC’s sideways market continue

Bitcoin (BTC) Price Prediction 2025-2030: Will BTC’s sideways market continue

January 28, 2023
State crypto commission offers policy recommendations | State news

State crypto commission offers policy recommendations | State news

January 28, 2023

Categories

Site Navigation

  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services
  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services

© 2022 Designed by news4global

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • Videos

© 2022 Designed by news4global