• Non-Fungible Token (NFT) sales reached a total of 101 million in 2022.
• Crypto lawyers believe that court orders could be served to defendants through NFTs in cases of blockchain-based crime.
• Binance has tightened its rules on NFT listings.
The world of Non-Fungible Tokens (NFTs) is experiencing an unprecedented growth. According to a report by decentralized app tracker DappRadar, NFT sales in 2022 reached an impressive total of 101 million, representing a 67.57% increase compared with 2021. The Ethereum blockchain remains the top contender in the NFT ecosystem, with 21.2 million transactions processed in the year. This is followed by WAX (14.5 million), Polygon (13.3 million) and Solana (12.9 million).
The potential of NFTs continues to grow with each passing day. Crypto lawyers believe that serving court orders through NFTs could be a solution for blockchain crime cases in which defendants are unreachable. Agustin Barba, managing partner of The Crypto Lawyers, said that summoning defendants through NFTs is a good tool for blockchain crime when it’s impossible to identify bad actors. In this situation, summoning the unknown entity would be conducted by sending an NFT court order to the blockchain wallet address where the stolen assets are held.
Binance, one of the leading cryptocurrency exchanges, has recently tightened its rules on NFT listings. The exchange’s new rules will require users to submit additional documentation, including an official certification from the seller indicating that the NFT is authentic and legally obtained. Binance will also require all sellers to complete a KYC process, and has established a policy to blacklist any NFTs that violate copyright laws.
All in all, the NFT market continues to grow and evolve, offering new and exciting opportunities for the crypto community. With the help of NFTs, crypto lawyers can now summon defendants in cases of blockchain-based crime. Furthermore, Binance’s new rules on NFT listings are expected to help protect the rights of buyers and sellers by ensuring that all NFTs are authentic and legally obtained.