Home NFT Knights INVESTMENT SCAMS IN THE METAVERSE

INVESTMENT SCAMS IN THE METAVERSE

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The North American Securities Administrators Association (NASAA) today issued an Informed Investor Advisory cautioning investors to protect themselves from investment scams and frauds offered in the unregulated metaverse, the online virtual “world” that provides users with immersive experiences through virtual or augmented reality technologies.

According to the advisory, the metaverse may offer numerous potential investment opportunities, including virtual real estate, nonfungible tokens (NFTs) and other businesses. But the advisory warns that the lack of regulation in the metaverse, combined with the ability to operate from anywhere in the world, make it easy for fraudsters to hide their financial schemes. In addition, security lapses on some developing platforms and the ability to build fake metaverse experiences can lead to hacks, fraud, or the theft of users’ funds.

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Cryptocurrencies, Decentralized processes and the ever widening impact of Blockchain are going to have a major impact on the way things are done, who does them and who makes the money. Where there were once huge barriers to entry, the door is now open. Individuals can now access income from the type of business once reserved for Institutions, Governments and High Net-Worth Individuals. They can through Blockchain, DeFi and P2P protocols became bankers participating in income from trading, brokerage, settlements, fees, mortgages, finance, margin lending and a host of other financial services.