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Monday, March 21, 2022
#WSJ - No #NFT Regulations Creates Stage For Exponential #PONZI #Fraud
The Wall Street Journal
Sponsored by
The Morning Ledger: More U.S. Companies Wade Into NFTs Despite Lack of Accounting Rules
By Kristin Broughton
Good morning. More U.S. companies are investing in nonfungible tokens even though there are no specific accounting rules or disclosure requirements for them.
These tokens, or NFTs, are digital proofs of purchase for items such as art, baseball cards or digital music and can provide access to services like live-streamed concerts. NFTs are stored and traded on decentralized computer networks, or blockchains. Artist Kevin McCoy in 2014 created a pixelated animation of an octagon which is widely considered the first NFT.
