NFTs are being watched microscopically by the IRS as fraud continues to roam the room, OpenSea continues to have some bumps along the way, and more and more brands continue to issue NFTs of their own.

Let’s take a look at last week’s NFT market highlights with the following key headlines.

NFT Market News: OpenSea has refunded almost $2 million to owners of lost NFTs

OpenSea has had a rough time over the last few months and has faced a lot of feedback and frustration from NFT loyalists – as many in the community have flocked to platforms like LookRare in recent months. Recent problems for OpenSea include a bug that resulted in some Bored Ape Yacht Club NFTs being listed on the market for a fraction of their value.

Since this story broke, OpenSea has paid back almost $2 million to owners of lost NFTs yesterday.

NFT Market News: Reddit is reviewing NFT as a profile picture

While Twitter is best known for its NFT profile pictures, Reddit seems interested in something similar thanks to the recently launched Hexagon-pfp, according to the report. Reddit is currently exploring these features with a “small, internal test” and has previously hosted speculation on the dedicated NFT platform. The platform has previously released an NFT project called “CryptoSnoos” and has dabbled in cryptocurrency in various ways in the past.

NFT Market News: IRS Sees “Mountain of Fraud”?

The Internal Revenue Service (IRS) sees “mountains and mountains of fraud” surrounding cryptocurrencies and NFTs. A special agent with the Criminal Investigations Division of the IRS says there are significant concerns about drug dealers and other money launderers using NFTs to circumvent the IRS. “This room is the future,” countered the representative.

NFT Market News: YouTube Reviewers Influence NFT on YouTubers

Reddit isn’t the only social media platform making NFT headlines this week. YouTube CEO Susan Wojcicki released an open letter to creators earlier this week that covered a wide range of topics – including NFT. Wojcicki claims that the Web3 tools are “an inspiration for continuous innovation on YouTube”.

NFT Market News: Fallon faces problems

Jimmy Fallon and Paris Hilton’s brief discussion of Bored Apes over the past week or so has garnered massive appeal on social media with an incredibly high level of suspense. Now there is speculation that Fallon’s move violated company policy; NBCUniversal’s policy states that employees must “disclose and obtain the consent of all outside work, financial interests, and other personal activities/relationships that may create, or appear to create, a conflict.” Of course, NBCUniversal seems unlikely to take Fallon down – especially as we move into the next NFT Flavor of the Week period, which is sure to pick up momentum and blow this away for Fallon and company. .

NFT Market News: Lamborghini joins NFT

Lamborghini is said to be gearing up for NFTs after the car brand unveiled a new “NFTPRO” series.

This week the brand introduced Space Time Memory, Lamborghini’s first foray into space. The space-inspired NFT will be released “at the beginning of the lunar year” on February 1st.

NFT Market News: Gibson Guitars

Some of Gibson’s most famous guitars have found their way into the hands of music legends over the years. These iconic guitars will now find their way digitally as well, as Gibson is said to have taken six of its most famous guitar models and branded them around them. The news comes from Billboard, which says the profile appears to contain “downloadable categories of multimedia files containing artwork, text, audio and video related to music and entertainment, authenticated with a non-fungible token.”

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