NFTs in Balance Sheets: Regulatory Evolution Ahead

Key Findings

Digital Asset Rules

Regulators will impose stricter valuation rules for digital assets because unclear accounting for novel, illiquid assets undermines financial transparency and risk monitoring.

Financial regulators will tighten rules for valuing digital intangibles. New types of digital assets often lack clear market prices. This creates uncertainty in financial reporting. When balance sheets include hard-to-value items, audits become less reliable. Regulators step in to restore clarity. Past crises show the danger of unclear asset values. The 2008 crisis followed a surge in complex assets with weak valuation standards. Regulators depend on consistent accounting methods. These methods fail when assets are unique or illiquid. Without stable benchmarks, risk oversight weakens. Regulators must act when such assets grow in importance. Standard-setting bodies will now limit how loosely firms can classify these assets. Firms will need strict, audited models to value items like NFTs. These models must tie to observable market data. The goal is fair comparisons across firms and accurate capital assessments. Clearer rules will reduce information gaps between firms and regulators.

NFTs On Corporate Balance Sheets

Regulatory change for NFTs will follow a crisis because their illiquidity delays systemic risk detection, prompting action only after widespread corporate losses threaten financial stability.

Regulators will act on NFTs only after a major financial crisis. So far, NFTs have not caused system-wide shocks. They are hard to value and do not trade like normal assets. This makes them less of a threat to financial stability. The key regulatory bodies focus on systemic risks, not accounting details. They wait for clear signs of trouble before acting. Past responses to crises show this pattern. After 2008, rules changed only after off-balance-sheet risks collapsed. The same happened with stablecoins and crypto losses between 2016 and 2022. Because NFTs are unique and illiquid, they do not spread risk in the same way. They are less likely to trigger fast regulatory action. Change will come only after a serious event. If many large firms suffer big losses on NFTs at once, central banks will step in. They will use existing crisis tools to restore stability. Accounting rules will change only after such actions. Standard practices will follow, not lead.

NFT Valuation Problem

Standardized valuation rules fail for NFTs because they lack the liquid, transparent markets that provide reliable price data for auditing.

Accounting rules rely on clear market prices to value assets. Big regulators need reliable price data to set standards. During the securitization boom, standard instruments traded openly allowed regulators to assess risk and value. Clear markets made oversight possible. But NFTs are different. Each NFT is unique. They trade in scattered, unregulated places. Prices for the same NFT vary widely across platforms. There is no deep, liquid market for them. Without consistent trading data, valuations lack reliability. Auditors cannot build trustworthy models from thin market data. Even stricter accounting rules cannot fix this gap. The inputs auditors need simply do not exist. Oversight systems depend on comparable data. That data is missing for NFTs. So, the idea that rules alone can create uniform valuation fails. Market structure comes first. Without a coherent market, transparency cannot emerge.

NFT Rule Delays

NFT valuation rules will not develop quickly because agreement on risk is divided across nations and institutions.

New financial products often push regulators to act. But their response depends on more than just the product’s risks. It also depends on how strong and motivated the rule-making bodies are. In the run-up to the 2008 crisis, accounting regulators waited too long to fix broken transparency rules. They relied too heavily on industry norms. This delayed necessary reforms. The same pattern could repeat with NFTs. A quick, unified regulatory response is not guaranteed. The reason is simple. Regulators only act decisively when both public and private groups agree on what counts as risky. Right now, such agreement on NFTs is unlikely. Countries see digital assets differently. Some focus on protecting investors. Others focus on how assets are classified. The United States, for example, prioritizes consumer safeguards over standard accounting rules. Most G20 nations still lack clear, shared definitions for digital tokens. Without alignment, monitoring systemic risks will remain patchy. So even if NFT markets grow fast, rules for valuing them will not emerge quickly or uniformly.

Deeper Analysis

What if major audit firms refuse to adopt standardized valuation models for NFTs due to unresolvable subjectivity in pricing, exposing a dependency on auditor consensus that the regulatory framework assumes but cannot enforce?

NFT Valuation Rules

If auditors use inconsistent methods to value NFTs, regulators will impose standardized rules to ensure financial statements remain comparable and trustworthy.

New types of assets can weaken the consistency of financial reports across countries. When this happens, accounting regulators step in to standardize how these assets are valued. This was seen after the 2008 crisis, when complex financial products revealed gaps in how auditors assessed value. Differing practices led to confusion and reduced trust. Regulators responded by strengthening rules for fair value measurement. The trigger is clear: when audit methods diverge widely, especially for hard-to-price assets, regulators act to restore uniformity. Such discrepancies harm investor confidence and weaken financial oversight. Today, NFTs pose a similar challenge. If auditors do not adopt consistent valuation methods, reporting standards will fragment further. To prevent this, the IASB and FASB will likely impose strict valuation rules. These rules will tie NFT values to observable market data or independent appraisals. Uniformity in financial statements will be restored through mandated protocols. The goal is clear and practical: reliable, comparable disclosures.

Auditor Valuation Rules

Regulators will force standardized valuation models for NFTs when auditors cannot agree, because oversight relies on uniform numbers to keep financial reports comparable.

When auditors cannot agree on how to value new assets, regulators do not let professionals decide. Instead, they force a single method for measuring those assets. This happened after 2008 when major audit firms valued complex assets differently. Their differences made financial reports hard to compare. Regulators then tightened rules for checking and reporting those values. The reason is that oversight systems rely on consistent numbers. When important items are priced using different models, regulators cannot see the real picture. Even if firms follow existing rules, the system fails. Therefore, if big audit firms refuse to adopt standard models for valuing NFTs, regulators will force them. They will require the use of independent pricing agencies or official benchmarks. This will restore comparability across firms and keep financial reports useful.

Explore further:

What if major audit firms resist standardization not due to subjectivity, but because they profit from opaque valuation methods?

What would have to be true about the valuation and correlation of corporate NFT holdings for a centralized macroprudential regulator to treat them as a systemic threat before a major impairment event occurs?

NFTs As Financial Risk

Corporate NFTs become a systemic risk only if they are widely held and their values fall together during stress, enabling central regulators to detect broad balance sheet damage.

A central financial regulator would see corporate NFT holdings as a threat only if many major firms held large amounts. These assets would need to lose value in sync during times of stress. This kind of joint collapse happened before the 2008 crisis with complex debts like CDOs. There, hidden links spread risk across firms through leverage and collateral rules. The key is whether a central authority can spot when many firms face the same losses. This requires more than just low liquidity. It requires shared risk that moves prices in lockstep. Isolated NFT holdings do not pose such a risk. The real trigger for action is when NFTs form a large, shared part of major firms' capital. Their values must react to the same economic pressures. Only then could a broad credit problem emerge. Only then would regulators act in time to stop it.

Explore further:

What if corporate NFT holdings never exhibit correlated valuation shocks because their underlying utilities diverge so fundamentally that they behave as uncorrelated idiosyncratic assets, even when widely held?

If a centralized clearing mechanism or oracle network were to emerge that aggregates NFT transaction data into a standardized price feed, would that be sufficient for regulatory frameworks to treat them as comparable to securitized assets, or would the non-fungibility still block the institutional prerequisite of market coherence?

NFT Pricing Problem

NFTs cannot be treated like standardized financial assets because their uniqueness limits repeated transactions, which are necessary to create reliable, auditable value benchmarks.

Standard-setting bodies need many similar, repeated transactions to create reliable value benchmarks. After 2008, fair value rules under IFRS 13 used frequent market trades in financial instruments to set exit prices. These recurring transactions allowed regulators to compare assets and verify values. But NFTs are unique and rarely traded, making it hard to find enough pricing data. Even with a network that provides standard prices, the lack of repeated trades blocks auditability. Regulators require consistent data across assets to trust market value. Non-fungible assets cannot meet this need by their nature. Without enough comparable transactions, valuation lacks the reliability required. This means no single pricing method can make NFTs look like traditional securities on balance sheets. Fungibility is key to building the reference data needed for regulatory use.

NFTs As Securities

NFTs cannot be treated as securities without a legal redefinition of fungibility, because regulatory status depends on statutory rules, not price data.

Market coherence alone cannot ensure regulatory recognition. The U.S. mortgage-backed securities market before 2008 had standardized prices but still failed. Price data did not prevent disaster. What mattered was legal structure, not market signals. Bankruptcy remoteness and safe harbors allowed non-standard loans to become regulated securities. Legal rules made the difference, not price feeds. Similarly, NFTs cannot be treated as securitized assets just because a centralized price oracle exists. Regulators must first redefine what counts as a fungible investment contract. This definition must override the fact that NFTs are non-fungible. Like the Howey test, this rule would let regulators classify assets regardless of market form. A price feed is not enough. The key step is legal reclassification. Without it, NFTs remain illiquid intangibles in the eyes of the law.

NFT Accounting Rules

NFT accounting practices do not lead to regulatory alignment because no central authority can coordinate changes across separate, uncoordinated regulatory systems.

Major accounting firms may adopt consistent ways to value NFTs. Yet this does not lead to uniform regulations across governments. Different agencies govern taxes, securities, and money laundering. Each has its own rules and timelines. No single authority oversees all areas at once. Without coordination, one group's standards cannot spread easily. Regulatory systems move slowly when they are not connected. Even widely used accounting practices remain isolated. Changes in one place do not shift the whole system. The process of aligning standards depends on central bodies to drive change. Such central control does not exist for digital assets. Multiple agencies with different goals block unified action. Therefore, consistent accounting fails to produce consistent regulation.

NFT Regulation Key

NFTs can be regulated as securitized assets if blockchain verification and custody standards ensure asset claims are enforceable and fraud-resistant, regardless of fungibility.

The 2008 financial crisis showed that trust in certification matters more than legal rules for asset types. Rating agencies failed because they had conflicts of interest. The system that packaged mortgage loans removed accountability from issuers. Even with clear asset labels and prices, valuations were rigged. For NFTs, the same risk exists. Regulators need to verify that claims behind NFTs are valid and enforceable. Blockchain helps by providing clear ownership records and final settlement. This transparency lets regulators check asset integrity directly. Fungibility is less important than being able to prove what an NFT represents. A trusted price feed is useful but not the main issue. What matters most is whether regulators can verify the asset and protect against fraud. Strong standards for blockchain verification and custody would make NFTs fit for regulation. These steps would allow NFTs to be treated like securitized assets. They would meet regulatory goals without changing definitions of fungibility.

Explore further:

What if a major NFT platform falsifies provenance records while maintaining blockchain immutability through off-chain manipulations—how would regulators detect and respond to such hybrid fraud?

What happens to regulatory scrutiny of NFTs if major accounting firms begin treating them as intangible assets by default, even in the absence of standardized valuation methods?

NFT Accounting Gap

Regulatory scrutiny of NFT accounting lags because once firms establish their own practices, high coordination costs delay official rulemaking, even when risks are known.

Major accounting firms often set their own rules for new assets when regulations do not yet exist. This has happened with complex financial instruments in the past. Even when risks to transparency are clear, regulators usually act slowly. The delay happens because new rules are hard to impose once firms have already settled on different methods. Changing established practices takes time and coordination. Regulators like the FASB and IASB wait until problems become widespread. Today, most large economies still lack binding rules for digital assets. In the U.S., the SEC focuses more on who issues NFTs than on how they are reported in financial statements. This weakens the push for uniform NFT accounting standards. As firms adopt their own NFT valuation methods, these become harder to change later. Because of this, regulatory oversight will not catch up soon. Even if big firms agree to treat NFTs as intangible assets, rules will not align quickly. Regulatory timelines move slower than private sector choices.

NFT Accounting Rules Gap

Major accounting firms treating NFTs as intangible assets will not trigger uniform regulatory tightening on valuation because no recognized standard setter with enforcement power exists to force convergence.

The original argument assumes risks and concerns will push NFT valuation rules to converge. This fails when no single authority exists to enforce them. In past cases like securitization, FASB and IASB had clear power over accounting standards. This created a single place for pressure to build. For NFTs, no such body has clear jurisdiction. NFTs fall under securities law, tax law, and accounting across many countries. No major accounting firm’s default treatment has legal force. Without a unified standard setter, firms can keep using legally allowed methods even if they are economically shaky. Regulators only react to specific cases, not the whole system. So major accounting firms treating NFTs as intangible assets will not trigger uniform rules or convergence on valuation. The needed infrastructure—a recognized standard setter with enforcement power—does not exist. The shift in accounting itself cannot create that infrastructure.

What if major audit firms resist standardization not due to subjectivity, but because they profit from opaque valuation methods?

Audit Firms' Power Over Asset Values

Major audit firms will block standardized valuation rules when they profit from flexible methods and no crisis exists to enable regulatory action.

When new financial assets emerge, uniform valuation rules depend on strong public interest support within regulatory bodies. Without this, private auditors can keep using flexible methods that serve their interests. Regulatory action only steps in when a crisis reveals serious audit failures. After 2008, reforms gained ground because public outrage exposed flaws at a time of financial collapse. This changed the political balance and allowed standard setters to act. In contrast, if audit firms profit from custom advice on assets like NFTs, they have reason to block standardized rules. As long as no crisis draws public attention, pressure for reform stays weak. Without such pressure, regulators lack the backing needed to enforce change. The ability to resist standardization does not come from technical difficulty. It comes from the absence of a crisis that would force reform. Major audit firms benefit financially from this opacity. Therefore, without a triggering event that shifts political incentives, no effective regulatory system will take hold.

Explore further:

What would happen to audit firm incentives if investor lawsuits could be sustained without requiring a systemic crisis to legitimize regulatory action?

What if corporate NFT holdings never exhibit correlated valuation shocks because their underlying utilities diverge so fundamentally that they behave as uncorrelated idiosyncratic assets, even when widely held?

NFT Market Links

Corporate NFT holdings avoid macroprudential action if their valuations do not fall together across major firms, because uncorrelated losses do not threaten systemic stability.

A macroprudential authority will not treat corporate NFT holdings as systemically important unless their values move together during financial stress. This means if one company loses value on NFTs, others do too. Past crises showed such synchronized losses when assets shared hidden risks. Authorities watch for this pattern using balance sheet analysis and stress tests. The key factor is not how many NFTs firms hold. It is whether their NFT values fall together under pressure. If NFTs react differently across companies, their combined size won't cause joint losses. Therefore, regulators will not intervene if NFT valuations stay uncorrelated across major firms. Even large holdings will not trigger action without synchronized risk.

Explore further:

What if a previously uncorrelated set of NFTs suddenly exhibited synchronized devaluations during a liquidity crisis—what mechanism could create such co-movement despite diverse underlying utilities?

What if a major NFT platform falsifies provenance records while maintaining blockchain immutability through off-chain manipulations—how would regulators detect and respond to such hybrid fraud?

NFT Valuation Oversight

Public exposure of NFT valuation flaws will not lead to enforceable rules unless a recognized authority has independent power to investigate and sanction audit firms.

Binding financial rules require more than public outrage or visible misconduct. Strong institutions must be able to act independently. This is hard when big audit firms oppose reform. Regulators need real power to enforce rules over private companies. The International Accounting Standards Board succeeded in the past because bodies like the European Commission or the U.S. SEC could compel action. IFRS 9 became enforceable after the Eurozone crisis. No such authority exists for NFTs today. NFTs fall outside current legal definitions of assets. Audit firms already use secret valuation methods for intangibles. These methods are hidden in advisory contracts. Even large investor losses may not prompt action. Without a recognized body to investigate and punish misuse, no change occurs. A dedicated regulator with clear authority over digital assets is needed. Public exposure alone will not force reform. Crisis-driven politics are not enough. Without enforcement power, reform fails. The system cannot regulate what it does not control.

Explore further:

What would happen to financial reporting standards if major audit firms faced no competitive pressure to justify their valuation methods for novel digital assets?

What would happen to audit firm incentives if investor lawsuits could be sustained without requiring a systemic crisis to legitimize regulatory action?

Audit Firm Behavior

Audit firms will adopt more conservative practices only when courts allow lawsuits based on valuation errors without requiring proof of systemic harm.

Investor lawsuits can deter auditor misconduct if they focus on valuation errors alone. This works without needing proof of wider economic damage. The Enron scandal showed how a major failure could undermine trust in financial institutions. That crisis made stronger regulation politically easier. Normally, groups like the IASB struggle to control audit firms. These firms benefit from flexible methods for valuing uncertain assets. But frequent lawsuits over questionable valuations change auditor incentives. They begin to fear legal costs more than rule changes. This market pressure reduces the need for strict new rules. Auditors will only adopt more conservative practices if courts treat flawed valuations as legally significant. The threat must stand without proof of broad harm.

Audit Law Risk

Audit firms face litigation risk only when laws recognize a duty to investors, because lawsuits depend on legal standing, not market data.

Investor lawsuits against audit firms depend on a legal duty to investors. Without such a duty, courts do not allow lawsuits. This holds true even if market data is available. U.S. and other common law courts have long ruled this way. For example, the *Ultramares* case set a precedent. Auditors were not held liable without direct contracts. In contrast, countries like Germany and France impose broader liability. Their laws allow investors to sue for audit failures. The key factor is not market data but legal standing. Laws must recognize auditors' duty to the public. The 1929 U.S. securities law change allowed private lawsuits. That shift made audit failures actionable in court. Legal enforceability is what matters. Market price mechanisms do not change this reality.

NFT Audit Power

Independent investor lawsuits force audit firms to accept standard valuation rules by increasing their political risk.

When audit firms earn large fees from advising on complex assets, they resist strict valuation rules. This happens because their profits depend on flexible methods. Public scrutiny usually keeps them in check, but without a crisis, such oversight is weak. After Enron, Arthur Andersen faced public backlash for mixing auditing and consulting. Only then did strong reforms like the Sarbanes-Oxley Act pass. Crisis moments shift political will, forcing tighter rules. Otherwise, firms hide behind technical complexity to avoid transparency. Standard setters alone lack power to enforce rules. But if investors can sue over valuations, even without a crisis, audit firms face constant legal risk. This risk changes their incentives. They can no longer protect discretionary practices. Legal pressure makes standardization unavoidable.

What if a previously uncorrelated set of NFTs suddenly exhibited synchronized devaluations during a liquidity crisis—what mechanism could create such co-movement despite diverse underlying utilities?

Market Crashes Together

Assets devalue together during crises because centralized clearing systems apply uniform collateral rules that override individual valuation methods.

When markets face stress, many types of assets lose value at the same time. This happens because central clearing systems use strict rules for collateral and margins. These rules come from global standards set by groups like the Basel Committee. Central counterparties such as DTCC or LCH apply them during crises. They reassess all asset values using the same risk markers. These markers rely on liquidity and credit risk. Adjustments are made the same way for everyone. As a result, different assets are devalued together. Even if their actual worth differs, individual models are overruled. This was clear in 2008 when diverse structured products fell in value together. The cause was uniform haircuts applied by clearinghouses. Similar forces would affect NFTs. Their prices would drop in unison not due to appraisal methods alone. Instead it would stem from binding collateral rules in major clearing systems. These systems enforce standardization during turmoil. Thus price co-movement arises from centralized risk controls.

NFT Price Drops

NFTs lose value together during crises only when financial intermediaries treat them the same in valuation and risk systems.

When financial assets lose value at the same time during crises, it is often not because of their own worth. Instead, they follow the same rules for risk and collateral in major clearing systems. This happened in 2008 when different mortgage-backed securities fell together. They were valued the same under Basel II rules. Big financial institutions often use identical models and standards. These models react the same way when the economy shifts. Central counterparties and large custodians spread this effect. The assets themselves do not have to be similar. What matters is how they are treated. So if NFTs start falling in value together during a crisis, it will likely be because banks and intermediaries use the same valuation methods. Their shared rules make the drop happen.

NFT Price Collapse

NFT prices can fall together across firms when uniform regulatory rules force reliance on shared benchmarks that destabilize under stress.

When big financial firms use the same methods to value NFTs, their prices can fall together during a crisis. This happens because rules require firms to base valuations on shared benchmarks. These benchmarks often reflect market indices that become unstable in times of stress. The problem is not in the NFTs themselves but in how institutions are required to value them. If regulators force firms to use a common benchmark, a drop in one affects all. During the 2008 crisis, the same pattern occurred with mortgage-backed securities. Firms relied on AAA ratings from credit agencies and wrote down assets at the same time. A similar process could occur with NFTs if accounting rules and capital requirements demand uniform pricing. Coordinated devaluations would not happen if firms used different methods. The risk disappears when valuation practices are not standardized.

What would happen to financial reporting standards if major audit firms faced no competitive pressure to justify their valuation methods for novel digital assets?

NFT Value Reporting

NFT value reporting will not change unless a global crisis strikes major firms, because only a systemic failure can create the political will needed to force transparency.

Financial reporting rules rarely change without a major crisis. Such rules changed after the 2008 financial crisis because the failure was clear and widespread. That crisis hurt investor trust across many countries. It created strong political pressure to act. Regulators had the power to demand new audit rules. The European Commission helped enforce these changes. But digital assets like NFTs have no single regulator. There is no body with the power to set global accounting rules for them. Audit firms also lack reasons to share how they value NFTs. Client privacy rules protect their methods. Different countries regulate differently. Without a shared crisis that harms big firms all at once, no strong push will form. Only a large, trusted failure could create the will to change. That failure would need to weaken confidence across markets. Then regulators might act.

Who Sets Rules

Financial reporting rules only change when major economies align because state-driven risk avoidance, not crises, shapes regulatory timing and content.

Big countries decide how financial reporting rules are made. After the 2008 crisis, groups like the G20 and IOSCO pushed reforms. These actions gave the IASB more influence. But only if national regulators in the U.S. and EU approved. Without agreement among major economies, standard setters cannot enforce rules. This is especially true for digital assets that cross borders. Regulatory change happens when states act to avoid reputational harm. They fear damage to their financial centers. This fear drives coordination more than crisis alone. Crises only lead to reform if they threaten key financial institutions in powerful countries. So standards will not change for NFT values unless the U.S. and EU act together. Both must adopt similar disclosure rules at the same time. Local lawsuits or auditor practices will not force change on their own. The path set by existing institutions controls what changes are possible. Not just public pressure or high-profile events.

Legal Rules Before Price Data

Uniform valuation of NFTs by auditors requires prior legal reclassification, not price data coherence, because statutory recognition provides the legal basis for fair value measurement.

Financial regulators depend on clear legal definitions to classify assets for balance-sheet reporting. They do not depend on centralized pricing mechanisms. The SEC used the Howey test on digital assets in 2018–2020. This test determines if something is a security. Without a law or court ruling that reclassifies certain NFTs as investment contracts, a price oracle cannot help auditors. Auditors need an underlying legal basis to measure fair value under U.S. GAAP or IFRS. This legal basis must assume transferability and investor expectations of profit from others' work. Most international accounting standards treat NFTs as intangible assets under IAS 38 or ASC 350. They only treat NFTs as securities if a statute clearly says so. Therefore, uniform valuation practices among auditors cannot emerge without prior legal redefinition. The mechanism that allows regulators to integrate new assets works through statutory recognition, not through coherent price data.

Library

NFTs in Balance Sheets: Regulatory Evolution Ahead

Key Findings

Digital Asset Rules

NFTs On Corporate Balance Sheets

NFT Valuation Problem

NFT Rule Delays

Deeper Analysis

What if major audit firms refuse to adopt standardized valuation models for NFTs due to unresolvable subjectivity in pricing, exposing a dependency on auditor consensus that the regulatory framework assumes but cannot enforce?

NFT Valuation Rules

Auditor Valuation Rules

What would have to be true about the valuation and correlation of corporate NFT holdings for a centralized macroprudential regulator to treat them as a systemic threat before a major impairment event occurs?

NFTs As Financial Risk

NFT Pricing Problem

NFTs As Securities

NFT Accounting Rules

NFT Regulation Key

What happens to regulatory scrutiny of NFTs if major accounting firms begin treating them as intangible assets by default, even in the absence of standardized valuation methods?

NFT Accounting Gap

NFT Accounting Rules Gap

What if major audit firms resist standardization not due to subjectivity, but because they profit from opaque valuation methods?

Audit Firms' Power Over Asset Values

What if corporate NFT holdings never exhibit correlated valuation shocks because their underlying utilities diverge so fundamentally that they behave as uncorrelated idiosyncratic assets, even when widely held?

NFT Market Links

What if a major NFT platform falsifies provenance records while maintaining blockchain immutability through off-chain manipulations—how would regulators detect and respond to such hybrid fraud?

NFT Valuation Oversight

What would happen to audit firm incentives if investor lawsuits could be sustained without requiring a systemic crisis to legitimize regulatory action?

Audit Firm Behavior

Audit Law Risk

NFT Audit Power

What if a previously uncorrelated set of NFTs suddenly exhibited synchronized devaluations during a liquidity crisis—what mechanism could create such co-movement despite diverse underlying utilities?

Market Crashes Together

NFT Price Drops

NFT Price Collapse

What would happen to financial reporting standards if major audit firms faced no competitive pressure to justify their valuation methods for novel digital assets?

NFT Value Reporting

Who Sets Rules

Legal Rules Before Price Data