Purpose
The purpose of this paper is to describe how non-fungible tokens (NFTs) can be used in the commission of financial crime, including money laundering and crypto-fraud schemes, using the framework of the Space Transition Theory.
Design/methodology/approach
A literature review relating the Space Transition Theory to crime vulnerabilities related to NFTs is conducted and practical examples illustrating NFT schemes are provided.
Findings
The authors find that the Space Transition Theory explains the evolution of financial crimes into the NFT space. The transformation of the art industry from the physical to the virtual space through NFTs underlies the criminal activity surrounding them. NFTs enable crime because of the flexibility, dissociative anonymity, lack of deterrence and anonymity.
Research limitations/implications
Criminals can easily take advantage of the users’ limited knowledge of blockchain to defraud them of their money or tokens. These risks accentuate the need to adopt appropriate measures to augment the accountability of NFT transactions. Until such interventions are implemented, the NFT market remains a highly viable space for the perpetration of financial crimes.
Practical implications
The dynamic nature of the cyberspace and fast-past underlying technology provide a greater chance to escape than crimes committed in the physical space. The state of security on NFT platforms has elicited concerns from diverse quotas. NFTs pose significant money laundering risks because of the lack of appropriate regulatory mechanisms, generating a need for enhanced oversight and enforcement of sectors of the economy in physical space vulnerable to abuse in the NFT space, including entities such as art galleries, museums, sports teams and luxury brands.
Social implications
The Space Transition Theory is also supported in that norms and values regarding ethics and criminal actions in the physical space do not transfer to cyber space.
Originality/value
The novelty aspect of this research is in applying the Space Transition Theory to financial crime schemes based on NFTs.
This paper explains a full design and implementation process of a feasible solar car as an effective alternative to the gasoline powered car. A solar car is independent of fossil fuels, and would entirely eliminate emissions. Comparing to the previous manufactured solar cars which were characterized by expensive, one seat driver and unfeasible, the presented solution in this study develops a commercially feasible version of a solar car. The structure's mass and passengers' mass are considered to calculate the required electrical power for the car to be able to reach the target speed at 100 km/h. A three photovoltaic panels of 320 W are parallel connected as a photovoltaic array to charge a lithium ion battery bank of 48 V and 200 Ah during the day hours. The testing of the implemented car guarantees the successful and flexible design and promises an effective commercial prototype of solar car. The presented work is done in the American University of Ras Al Khaimah.
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