In Seattle, the world’s first permanent non-fungible token (NFT) art gallery opened with the goal of “raising the veil” on Blockchain-based digital art. NFTs are a type of digital asset that has recently gained traction. NFT artworks have recently sold for millions of dollars. The goal of the Seattle Museum is to educate the public about NFTs, which are a relatively new market. Jennifer Wong, co-founder and curator of the Seattle NFT Museum, says, “We really realised the relevance of being able to stare at this type of art in a way that allows you to slow down and appreciate all the subtleties.”
NFTs are digital tokens that reflect ownership of valuable real-world goods such as works of art. According to research, the global NFT sector is expected to hit $21 billion by 2022.
In other news, the National Assembly of Panama has passed legislation to restrict the use and marketing of crypto assets. Experts have warned that it might ruin Panama’s image as a country with minimal financial transparency. According to an independent legislator, the bill is more comprehensive than the one passed by El Salvador last year.
Panamanians will now be permitted to utilize crypto assets as a form of payment for any civil or commercial transaction that is not prohibited by law in the country, according to the new law. According to one analyst, the country is on the European Union’s list of tax havens, and the bill would not make it appear more open. He said that Panama was already in a bad condition and that these payment methods circumvent the due diligence procedures that international organizations are asking Panama to implement. With 38 votes in favour, two abstentions, and no votes against, the Assembly passed the bill. It will now be signed by President Laurentino Cortizo.