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Justin Daniels, a shareholder at Baker Donelson, gives us his NFT industry predictions for 2022, including why he thinks NFT’s will continue to grow, the potential fraud concerns, regulations, will the SEC will consider an NFT as a security, and much more.
Justin Daniels, a shareholder in the Atlanta office of Baker Donelson, provides corporate advice to growth-oriented and middle-market domestic and international technology businesses. He is passionate about cybersecurity and considers it a strategic business enterprise risk. Daniels shares with us his 2022 predictions about the NFT industry.
My prediction for NFT’s in 2022 is sunshine with periods of clouds with occasional but expected thunderstorms.
NFT’s will continue to grow but they will have to address fraud concerns and likely regulation in 2022. The key to additional NFT use cases is understanding what intermediary is being disrupted and what incentives does the community have to adopt the NFT use case.
I think it will be increasingly challenging for NFT exchanges to avoid engaging in AML/KYC practices. It is inevitable there will be fraud in these marketplaces and regulators will demand more careful vetting of exchange participants. The wildcard here is will and under what circumstances will the SEC consider an NFT a security. Bitcoin moved first and grew fast and became decentralized enough, so the SEC determined it was not a security. It is the key determination because it would turn an NFT exchange into a security exchange.
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