????BREAKING: New law makes it ILLEGAL to hold NFTs (not a joke)

Have you heard the news? New Jersey is considering a bill that could make it illegal to sell NFTs without a license. The Digital Asset and Blockchain Technology Act proposes to prohibit engaging in digital asset business activities without being licensed by the department. This means that artists who simply want to sell a piece of art as an NFT will need a license.

While this legislation might seem like it only affects residents of New Jersey, it could have wider implications. Selling NFTs has become increasingly popular, with many artists and creators using them as a way to monetize their work. If this bill passes, it could set a precedent for other states or even countries to introduce similar legislation.

The bill not only requires a license for holding, storing, or maintaining custody of a digital asset on behalf of others but also for issuing a digital asset, such as creating a smart contract that sells an NFT. This means that anyone who wants to sell NFTs, even as a hobby or a one-time thing, would need to go through the licensing process.

The repercussions of this legislation are far-reaching. Not only would it be impractical and unreasonable for artists to have to go to a dingy office in North Jersey to fill out paperwork and receive a certificate just to sell an NFT, but violators would also face a hefty fee.

The proposed legislation has sparked controversy and criticism, with many people expressing concerns about the impact it could have on the NFT market. It also brings up questions about how much regulation is necessary in the world of digital assets and whether this bill is a step too far.

In the words of Twitter user Degen Doobz, "remember the saying, 'first they came for the New Jersey Pepe derivative NFTs, and I did not speak out because I was not from NJ. Then they came for my Pepe derivative NFTs, and there was no one left to speak for me.' This legislation will have repercussions for everyone."

It remains to be seen whether this bill will pass and what the future holds for the NFT market. However, it is clear that the digital world is evolving rapidly, and it is up to lawmakers to find a balance between regulation and innovation.

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