In this week’s newsletter, read about Galaxy Digital using a nonfungible token of a historic violin to secure a loan and how NFT sales volume plummeted in May. Check out what the United States Treasury Department thinks about NFTs and how Bitcoin NFTs reached a new milestone. In other news, Dapper Labs CEO Roham Gharegozlou claims that NFTs are not securities after reaching a settlement on the NBA Top Shot Moments lawsuit.
Apart from terrorist financing, the Treasury also said that state actors could use NFTs to fund nuclear proliferation and conduct money laundering. Furthermore, the government agency said there are risks to investors who may be subjected to rug pulls and theft.NFTs based on the Bitcoin blockchain recorded an all-time sales volume of $4 billion. NFT tracker CryptoSlam data showed on June 4 that Bitcoin-based NFTs have had a $3.97 billion all-time volume and a wash volume of $82 million.
The firm’s CEO, Roham Gharegozlou, claimed that the case found that NFTs on a decentralized public network are not securities “in the same way trading cards are not securities.”
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