The Central Bank of Taiwan has issued a warning to its citizens about the risks associated with NFTs as a particular mode of investment.
According to The Crypto Times, the bank doubts whether NFTs can be used as a proof of ownership since they can be so easily copied.
A recent report by the Central Bank’s board of supervisors claimed that the NFT market is full of fake transactions which is driving up the price of NFTs.
NFTs are continuing to be a hot topic for traders and investors. The publication gave the example of how the number of NFT traders jumped from 75,000 in 2020 to 2.3 million in 2021.
Despite this, a recent report from Chainalysis has found that from the 1 million accounts trading in May this year, this figure has nosedived to just 491,000 accounts actively trading now.
Social networking giant Instagram recently revealed it plans to trial the use of NFTs on its platform for some US users.
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