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NYC's Artechouse has opened an immersive art show with NFTs – Time Out New York

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You can even buy a piece of the art, an NFT, while you're there.
Inside Chelsea Market’s old boiler room, there’s an art show opening today that explores New York City’s past and potential future with trippy digital art that unfolds all around you.
“Machine Hallucination: NYC” by Refik Anadol was originally on view at ARTECHOUSE two years ago when the venue first opened, but for the first time, NFTs will be available to visitors who want to purchase pieces of Anadol’s art.
RECOMMENDED: An exclusive first look at NYC’s most intimate immersive show
“Machine Hallucination: NYC” is NYC’s latest immersive experience that uses artificial intelligence and the latest technology to map a massive dataset (more than 100 million publicly available photographs of New York’s iconic architecture and urban landscapes without people) and shows AI re-imaginings of NYC set to “awe-inspiring” sound design by Berlin-based composer Kerim Karaoglu who used New York’s sound archives with machine intelligence. 
The show—30-minute experimental cinema presented in 16K resolution—tells the story of what could come in the near future with a hopeful bent, rather than an apocalyptic one that computers are usually associated with.
This time, visitors to the show will also be able to order a cocktail at the XR Bar and scan their cocktail on the ARTECHOUSE app to bring it to life with augmented reality.
Plus, about 1,000 unique non-fungible tokens (NFTs) from Anadol’s work will be available to visitors via Nifty Gateway’s platform for $2,000 each. About one-third of the NFTs will be released during NFT.NYC (November 1-4), and the rest will be released on a weekly basis for on-site visitors to purchase (one per person). NFTs are given out randomly, but visitors can see examples of the NFTs before they purchase.
 “I am very honored that ARTECHOUSE will be presenting ‘Machine Hallucination: NYC’ for audiences to experience once again,” Anadol said in a statement. “‘Machine Hallucination’ emerged from our Studio’s ongoing research into a new understanding of data aesthetics based on collective visual memories of space, nature, and urban environments. It offers an alternative way of imagining the future of cinema and post-digital architecture in relation to the possibilities of neural networks, immersive environments, and machine learning. I am especially excited about the addition of the special NFT offering, so visitors will have a chance to take a piece of the artwork home with them and take their experience at ARTECHOUSE to the metaverse.”
“Machine Hallucination: NYC” opens to the public on November 2, 2021 and will run through January 2, 2022 at ARTECHOUSE NYC, located in Chelsea Market at 439 West 15th Street. 
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Tyler Hobbs' Fidenza NFT Project Gets $1M Pump Over 48 hours – CoinDesk

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DOJ Asks Congress for Tools to Limit NFT Money-Laundering Risk – PYMNTS.com

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Down at the very bottom of the crypto crime report the Justice Department issued last week was a request that could make it a lot harder to buy and sell NFTs.
Citing examples of criminals using the sale of the popular nonfungible tokens that hold art, video, music and collectibles to launder funds, the Justice Department asked Congress to define some of all NFTs as “value that substitutes for currency” under the Bank Secrecy Act (BSA).
Doing so, it said in “The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets,” would “make clear that its key [anti-money-laundering (AML) and countering the financing of terror (CFT)] provisions — including the obligations to have customer identification programs and report suspicious transactions to regulators — apply to NFT platforms, including online auction houses and digital art galleries.”
See also: DOJ Seeks to Double Jail Time for Money Transmission Crimes
The impetus, the department said, is the “explosive growth in the demand and corresponding markets for NFTs, perhaps most notably in the area of digital art.”
Substantial Risk
This “presents substantial money-laundering risks,” it said, citing a February Treasury Department study on money laundering in the broader art market.
“NFTs can be used to conduct self-laundering, a sequence in which criminals purchase an NFT with illicit funds and then resell to a purchaser who pays for it with clean funds unconnected to a prior crime,” that report noted.
It also found that in most cases, “digital assets that are unique, rather than interchangeable, and that are used in practice as collectibles rather than as payment or investment instruments … are generally not considered to be virtual assets under [international regulations].”
The “nonfungible” part of NFT means that each is unique and cannot substitute for any other, as opposed to cryptocurrencies like bitcoin which all have the same uses and value.
NFT marketplaces “may take the view that this definition [of a ‘value that substitutes for currency’] does not apply to their activities — and that they are thus not subject to the BSA’s anti money-laundering and anti-terrorism laws, the department said.
Justice is asking Congress to amend the BSA “to make clear that its key AML/CFT provisions — including the obligations to have customer identification programs and report suspicious transactions to regulators — apply to NFT platforms, including online auction houses and digital art galleries.”
Already There
Redefining NFTs as “value that substitutes for currency” would allow the Treasury Department’s Financial Crimes Enforcement Unit (FinCEN) to “potentially seek to regulate such activity under its money transmission regime,” a trio of lawyers at Skadden, Arps, Slate, Meagher & Flom wrote in an April blog post.
That, according to Jamie Boucher, Eytan Fisch and Javier Urbina, would require NFT marketplaces to register as money services businesses (MSB) with FinCEN.
Some types of NFTs — notably those used to fractionalize tangible assets like physical artworks and real estate, but also other valuable art or collectible tokens — are likely securities, the Securities and Exchange Commission (SEC) has said.
See more: How Did NFTs Become SEC’s Newest Crypto Target?
In FinCEN’s view, the trio noted, those can be repurposed to fit the definition of “value that substitutes for currency” and thus may already require MSB licenses.
 
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FTX Talking With Investors for $1B Fundraising at $32 Billion Valuation – NFTgators

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Quick take:
Although Binance maintains its number one spot in terms of crypto transaction volume, FTX is catching up quick after rising to third, behind Coinbase. This could change soon given the steps FTX is taking in web3.
According to reports, Sam Bankman-Fried’s company is seeking $1 billion in a new round of funding at a valuation of about $32 billion. That values FTX twice the value of Coinbase— whose market cap stands at just over $14 billion, and at least 7-fold Binance’s most recent valuation of $4.5 billion.
And there is a good reason for the disparity in market share (volume-wise) and overall valuation. FTX is more than just a crypto exchange platform. 
The company has expanded its ecosystem to include stock trading, NFTs, crypto lending services and more, all forming significant operational synergies for the rapidly growing web3 company.
It explains why investors are placing such value on FTX. According to sources close to the $1 billion fundraising talks, the figure could change by the time the round is closed, CNBC reported, citing people who did not want to be named.
FTX has been one of the most active investors in the web3 space during the crypto winter. The company is in the process of acquiring the crypto lending platform Blockfi for a reported amount of $240 million.
Last year, it acquired crypto derivatives platform LedgerX allowing it to offer derivatives trading alongside traditional crypto exchange services.
Earlier this year, the company purchased Good Luck Games, the developer of the card battle game Storybook Brawl for an undisclosed amount. The acquisition added another perspective to FTX’s business pouncing on the rapidly growing web3 gaming sector.
The company also recently announced a partnership with online game retailer Gamestop to onboard the gaming community to web3.
In July, Bankman-Fried refuted claims that FTX was planning to buy retail stock brokerage platform Robinhood after Bloomberg published a report suggesting discussions were underway.
News about the new fundraising come hot on the heels of the company’s $900 million raise announced in July. FTX also raised $420 million in October 2021.
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