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NFTs Are Sinking Their Non-Fungible Claws in Even Deeper – Gizmodo

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Depending on who you ask, NFT’s might be a weird cosmic joke or an ecological disaster waiting to happen—but neither is stopping major platforms from hopping on the non-fungible bandwagon themselves. The latest social media giant on that list seems to be Reddit, according to a fresh job posting first spotted by Insider that suggests the so-called “front page of the internet” is gearing up to launch an NFT marketplace of its very own.
“In case you haven’t heard, non-fungible tokens (NFTs) are the newest, most explosive movement in the world of crypto,” reads the still-posted job listing for a “Senior Backend Engineer” to build out Reddit’s nascent NFT platform. “For many, it’s a way to support their favorite artists, and for others it’s a way to curate impressive collections of ultra-rare collectibles. Just as cryptocurrencies are set to revolutionize the world of economics and finance, NFTs are going to rewrite how we think about digital goods.”
Among other responsibilities, the engineer that Reddit taps for this role will be tasked with designing and building a backend service “for millions of users to create, buy, sell and use NFT-backed digital goods.” While that kind of setup would pit Reddit against other marketplace players in the non-fungible token space, like Opensea and Binance, other social media players are looking for other ways to tackle NFT’s. Twitter, for example, is apparently working on a profile tab for “Collectables,” which would let users show off their exorbitantly priced digital doodads.
According to a post from reverse engineer extraordinaire Jane Manchun Wong this past weekend, Twitter is also working in a tab that would give you some extra deets about each NFT; the description, the “artist,” the collection it’s a part of (if any), and more. From the screenshots Wong posted, it seems like the NFT tab would find a home at the top of people’s profile page, alongside other new features like Twitter’s new Tip Jars. (It’s worth keeping in mind that platforms test out all kinds of things that never see a full rollout.)

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Like some of Twitter’s recent product rollouts, Reddit’s creep into NFT-dom feels a bit like a desperate grab from a platform that’s long struggled to suck out some of the online ad revenue from the Facebook/Google duopoly. Reddit’s issues with courting advertisers are nothing new, but the company’s only just started to offer big brands (and their big-brand bucks) certain tools to keep their content from running alongside its platform’s most toxic content. In fact, Reddit actually took a step backward on the brand-friendly front when it announced last month that it would be wedging ads in between people’s conversation threads. Perhaps uncoincidentally, Twitter announced it would be doing the same earlier this month—a move that we pointed out would be sure to tick off advertisers and Twitter users alike.
Unlike Twitter, though, Reddit also needs to worry about a forthcoming IPO, which means it’s going to try to raise lots and lots (and lots) of capital. And if it can’t hack the digital ad market, maybe it can crack the NFT market instead.
“If there is one thing we’ve noticed with NFTs, they too have an incredible power to create a sense of participation and belonging,” Reddit wrote in its job listing.
“Fans of today’s biggest creators and brands are now flocking to buy digital goods directly from them—to support them, to gain exclusive access, and to feel a greater sense of connection with them,” Reddit went on. “Over time, we believe this will only grow, and NFTs will play a central role in how fans support their favorite creators and communities.”
Considering how Facebook also monopolizes giant chunks of the creator economy (via Instagram), Reddit will have its work cut out for it cornering that market as well. Best of luck, I guess!!
NFT’s might be a weird cosmic joke or an ecological disaster waiting to happen
Literally in every article you post, someone debunks the notion that cryptocurrencies and NFTs are automatically harmful to the environment by pointing out that more and more NFTs are being issued on proof of stake blockchains.

At this point, one can only come to the conclusion that GMG doesn’t care about correctness and only cares about spicy (but false) hot takes.

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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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