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Pieces of Eight: HMRC seize NFTs, Crypto Punk fetches $24m and Pele breaks another record.

Pieces of Eight 05: UK authorities serve a warning that you can't use Crypto assets to hide money from HMRC in the same week a Crypto Punk sells for $24m, shattering the collections previous valuation.
Pieces of Eight: HMRC seize NFTs, Crypto Punk fetches $24m and Pele breaks another record.

⚽️ ESPN report on the first 'Soccer' card  to exceed $1m in sales value following exponential increase in value whilst fractionalised.  It could be no other than Pele, nearly 45 years since he played his last game -- and despite the sustained, almost two-decade run of Lionel Messi and Cristiano Ronaldo -- the Brazilian luminary is still considered by many to be the greatest to ever play the beautiful game.  

Our Take: Sports memorabilia shows no sign of slowing its growth, everything from cards to worn sneakers are breaking records.
With an estimated worth in excess of $5.4 billion sports memorabilia is a cornerstone of the collectables market with the potential to combine culture and collection like few others. Fractionalisation exponentially increases the categories exposure and impact.

💰Crypto Punks predate the modern NFT craze by years, and that O.G. status has made the 2017 Ethereum profile picture collection a legend in the space. Dozens of CryptoPunks have sold for a million dollars’ worth of ETH or more, but today, the collection shattered its previous record with one sale of nearly $24 million.

👮🏼 ‍ The UK tax department has seized three non-fungible tokens (NFTs) as part of an investigation into a suspected VAT fraud scheme involving 250 fake companies.  The Guardian report that HM Revenue and Customs seized the NFTs and arrested three people on suspicion of attempting to defraud it out of £1.4m. It is the first time a UK law enforcement agency has seized an NFT.

“Serves as a warning to anyone who thinks they can use crypto assets to hide money from HMRC” - Nick Sharp, HMRC’s deputy director economic crime

Our Take: Governments may be slow to legislate cryptro currencies and digital assets but this doesn't mean law enforcement are powerless.
Don't expect this to be the last time you see this, law enforcement are able to request to keep half of such seizures and these types of asset can easily be converted to cold hard cash.

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