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The Centralization Of NFTs - KYC & Withdrawals

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First published at 22:48 UTC on July 9th, 2022.

#nft
#crypto
#nfts

Crypto & Things with Scott Cunningham

scottcbusiness

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I’ve noticed a growing trend that more NFT marketplaces are centralized, require KYC, and in multiple cases don’t even allow withdrawals. Let’s talk about a few examples of this growing problem for the NFT space.

Here’s some red flags to watch for:…

Here’s some red flags to watch for: KYC required to trade NFTs, transactions aren’t on-chain, NFTs aren’t stored in your own wallet, withdrawal limitations, and restrictions, and any other obstacles preventing you from trading or owning NFTs in a decentralized way.

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