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NFTs (non-fungible tokens) are a type of cryptocurrency. It represents a unique digital asset. And this is where they snaked their way into the pockets and hearts of million. But the thing is, most of us should have seen its demise and the loss of our wealth coming.

NFT represented digital art, real estate, collectibles, and more. Powered by blockchain technology, most of us view the technology as secure, with immutable ownership of digital assets. And if you’ve forgotten, cryptocurrency is a type of digital currency that can be used to purchase goods and services. I wrote an article on its efficacy as a shadow currency during the Greek monetary crises.

NFTs have become incredibly popular in recent months, leading to a surge in the NFT market activity.

This surge has caused several issues, including market manipulation, over-speculation, and scams. Additionally, many platforms used to create, buy and sell NFTs needed proper oversight and regulation. This led to fraudulent and overpriced NFTs entering the market.

Are banking regulators like IMF ever going to regulate cryptocurrencies?

The International Monetary Fund (IMF) has yet to release official regulations on cryptocurrencies, but there has been some discussion of the potential for regulation. The IMF has noted that cryptocurrencies pose several risks, and that global coordination and collaboration may be necessary to regulate them effectively. Some countries have already taken steps to regulate cryptocurrencies, so the IMF may eventually issue regulations on the matter.