According to DLNews, the UK tax authority has been studying how to value these digital assets since seizing three NFTs nearly two years ago. No NFTs have been seized since the 2022 operation.
HMRC stated that it is exploring valuation and assessment methods for NFTs. These NFTs were seized along with approximately £5,000 worth of cryptocurrency, in connection with a £1.4 million VAT fraud case.
HMRC declined to disclose whether the NFTs have been sold, stating that publicizing the custody methods could increase the risk of criminals targeting HMRC staff. The NFT market has significantly cooled since its peak in 2021.