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Did a Banksy fan buy a NFT?

The Banksy fan who got duped says he thought he was buying the world-famous graffiti artist's first ever NFT. What are NFTs and why are some worth millions? The man who is in his 30s and wanted to remain anonymous explained over Twitter direct messages that he suspects Banksy's site was hacked, and that he was the victim of an elaborate scam.

What happened to the NFT market?

The rise, fall, and transformation of the NFT market have people speculating on what happened to NFTs and their future trajectory. While the fall of NFTs marked a significant shift from the exuberant highs of 2021, it is premature to dismiss the technology entirely. Several factors hold the potential to facilitate the resurgence of the NFT market:

What is NFT (non fungible token)?

NFT, as was probably explained to you hundreds of times in the period from January 2021 to about May 2022, stands for “non-fungible token”, and essentially means that you can buy a code that says you own a digital asset, which is then stored on the blockchain, a sort of centralised public transaction ledger.

Can NFTS be used for money laundering?

NFTs, as with other blockchain securities and with traditional art sales, can potentially be used for money laundering. NFTs can be used for wash trading by creating several wallets for one individual, generating several fictitious sales and consequently selling the respective NFT to a third party.

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