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03/06/2022

How Did NFTs Become SEC’s Newest Crypto Target?

PYMNTS.com

The Securities and Exchange Commission (SEC) is finally taking a harder look at NFTs.

In a long-telegraphed move, the SEC has begun sending out demands for information about projects that use nonfungible tokens (NFTs) to fractionalize everything from fine art to real estate to other, more valuable NFTs, Bloomberg reported.

NFTs are a type of cryptocurrency that can hold a media file like video, images or data, which cannot be changed once minted. Since they are recorded onto a blockchain, they also provide proof of provenance.

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