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Meta Thugs: The All-in-One Collectibles, NFT and Gaming Metaverse – Benzinga – Benzinga

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The NFT market is getting increasingly competitive, with the number of NFT projects and trading volume at an all-time high. However, Meta Thugs is one project that claims to raise the bar and shake the NFT industry. By combining an NFT avatar collection, a gaming metaverse, and NFT, Meta Thugs has come out with what it believes is a winning combination backed by a philosophy that every crypto enthusiast holds dear.
At Meta Thugs, each NFT avatar will open up an 8-gang blockchain world with 10,000 characters for the user. With this, Meta Thugs welcomes users to a world of endless opportunities, where all the characters have inherited the strongest traits of the top 100 crypto projects.
The creators of Meta Thugs are committed to helping people with very little understanding of NFTs and related investment opportunities navigate this landscape. They appeal to the new generation’s growing desire to invest in dependable NFT projects. Let’s delve into the details and look at what this new player in the industry has to offer to the NFT and crypto communities.
At the heart of Meta Thugs is a combination of digital art collectibles and NFT gaming. This is what makes up its unique project and ecosystem. 
Meta Thugs has based its game-changing project on its collection of 10,000 unique NFT avatars. The characters are sourced from 8 blockchain Gangs, where each character inherits 15 traits— from tattoos and skins to weapons and so much more.
The Original Meta Thugs possess the same market price and community value. You can purchase the Original characters, but the Rare and Legendary Meta Thugs require that you have an upgrade card and the Galaxy Modificator to create them. The upgrade cards appear at random on the project website and once a week on OpenSea.io. The Galaxy Modificator will randomly assign the upgraded traits.
Verifiable Random Function (VRF) by Chainlink, a randomness generator for smart contracts, is used to power the tool. This technology ensures better security and fair distribution on the platform. Meta Thugs has decidedly involved users in the creative process through the featured upgrade system, unlike most other NFT avatar projects that issue all the NFTs at once and don’t allow user involvement in their creation. 
Looking at the Meta Thugs project as a whole, you can sum it up as an NFT collection. Entry into the NFT ecosystem requires users to have an avatar, which acts as their ticket. Once in, they can play, trade, earn, and even craft. There are also eight ultra-rare NFTs having a 12-month sentence in the Meta Thugs collection. These allow the players to get paid monthly for a year in any currency of their choosing.
At the starting point, every user gets an equal opportunity to get to the top of the Gang Society. However, players can collect Rare Meta Thugs that will determine their opportunities and standing in the community. This also dictates the rewards they get.
With the NFT collectibles step done, the next thing is to launch the gaming part of the project. Each Meta Thug can be transformed into a gaming character from the Gang metaverse. The Meta Thugs’ stories propped up by their mythos leave a lot of room for imagination and future gaming scenarios.
The Meta Thugs’ story is based during the intergalactic war. Each of the 10,000 inhabitants of the different blockchain Gangs has varying motives. They have fled their homes and moved into an abandoned city to build a new society that focuses on new beginnings and rids itself of past conflicts. And with contemporary society comes a new identity.
However, even with the new beginning, it becomes a struggle for the Meta Thugs to coexist peacefully. Greed begins to rear its ugly head as some of the Meta Thugs fight for power amidst a shortage of resources. To move up the social structure, the Meta Thugs can challenge other players to duels in the Meta Thugs Battle Arena, which resembles fighting pits from all-time favorite combat games like Mortal Kombat, Jump Force and Killer Instinct.  
Meta Thugs can also unlock new traits and upgrades through the Galaxy Modificator. This includes buying weapons from the Galaxy Marketplace for their turn in the Battle Arena. The marketplace will have weapons like sonic grenades, lightsabers, and many others that can be bought with NFT tokens. As for the upgrades, keep an eye out for the randomly appearing upgrade cards on the Meta Thugs website and OpenSea.io, which will be purchasable with ETH. 
The artist behind the fascinating Meta Thugs avatars is a well-known figure in the NFT space. His extensive experience in the industry — more than 10 years — has equipped him with great wisdom and incredible skills in the field with which he created the Meta Thugs metaverse to be so uniquely complex. The artist-reveal will be done once the minting process is completed.
Meta Thugs announced the appointment of Andrew Eugene Choi to serve on its Board of Advisors. Andrew is currently the Tech Lead at Coinbase, the largest crypto company in the US. As Coinbase has just announced the rollout of their new NFT marketplace, there could not be a better partnership. As a strategic advisor, he will help position us to be one of the first NFTs in their marketplace, which will offer Meta Thugs access and exposure to their 43 million verified users, which could be game-changing news for the future of Meta Thugs.
Meta Thugs is offering an incredible source for passive income on a platter for all its players. As a reward for holding the Meta Thugs, the company has announced that it will roll back 10% of all transactions to the holders.
The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. The content was purely for informational purposes only and not intended to be investing advice.
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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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