In the realm of cryptocurrency, nonfungible tokens (NFTs) have gained immense popularity in 2021, find various researches on cryptos. While more than $44.2 billion worth of cryptocurrency is being sent to contracts related to NFTs, as compared to $106 million in 2020, there has been an alarming rise in the scams like money laundering through NFT, finds a recent study by Chainalysis, released on February 2, 2022. With around $1.4 million worth sent to NFT marketplaces by illicit addresses, the illicit value received by the NFT platforms jumped almost thrice in the fourth quarter of 2021, shows the study.