US Treasury Department Releases Report Showing its Recognition of NFT Use Cases

The report contains use cases and implications of crypto assets and NFTs for individuals and businesses.

Sep 18, 2022
by Michael
US Treasury Department Releases Report Showing its Recognition of NFT Use Cases
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Details of Crypto Asset Report

The US treasury department has released a report containing the consequences of crypto assets for individuals, corporate bodies and investors. This report was released this month and is a 58-paged document outlining the use cases and risks of crypto assets like NFTs. It defined NFTs and recognized the growing influence of NFTs in video games and other entertainment activities.

It also listed the applications of NFTs, including those already in use. The applications include verifying digital ownership of the real estate and other properties, creating digital credentials, facilitating royalty payments for music and film, preventing duplication of virtual property, and enforcing legal compliance in the financial industry.

Recent Issues with Crypto Assets

For example, blockchain real estate firm, Propy, has been authenticating homes using NFTs. In addition, entertainment companies and platforms have used NFTs as a ticketing solution to prevent counterfeits.

The US government has been analyzing the NFT space for months and noted that the crypto ecosystem, including NFTs, has risks which may cause harm to investors and businesses. An example is the recent indictment of the former head of product at OpenSea, who was charged with NFT insider trading.

Another issue was the lawsuit between fashion brand giant Hermes and MetaBirkin creator Mason Rothschild over copyright infringements. The development saw many other brands applying for the Web3 trademark. The lawsuit was granted in May, and Hermes applied for the Web3 trademark on August 26.

The report said, 

“The industry has seen a significant increase in the number of lawsuits filed, with claims related to deceitful marketing tactics or for sales made under false pretenses,”

However, governments worldwide continue to monitor matters arising, and there is a possibility they might legitimize crypto assets in the coming future.  

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