Connect with us

NFT

Gamers Rally Behind ‘More Than Gamers’ NFT Project and Its Metaverse Roadmap

Published

on

More Than Gamers announced a partnership with sportswear brand Champion. (More Than Gamers)
With non-fungible token (NFT) trading volumes back on the rise, project More Than Gamers (MTG) is garnering buzz for its ambitious roadmap.
Its 10,000-item profile pic (PFP) collection sold out in under a minute on Dec. 23, and is now holding onto a 0.49 ETH floor price as of press time. The project is the eighth-most popular collection on OpenSea by trade volume in the past week.
Owners of the NFTs will be granted access to the project’s “MTG Battle Station” game, where they can stake their NFTs for rewards in the form of Arcadia tokens.
“We want to show how gaming can be a lifestyle brand,” MTG co-founder Aaron Kirshenberg told CoinDesk in an interview. “Gamers can be musicians, athletes, all sorts of really passionate people. Our goal is to build the largest gaming community in the NFT space.”
It hasn’t yet been an easy sell.
Gamers revolted over announced plans to introduce NFTs to a popular Ubisoft title. The same drama unfolded when Stalker 2 announced – then quickly axed – its NFT intentions.
But Kirshenberg hopes his background can change the calculus. He is also the founder of Team New Age, a fast-growing North American esports group.
MTG said on Twitter it would “soon” ink a partnership deal with sportswear brand Champion, which plans to offer exclusive access to virtual merchandise and wearables on the MTG platform.
This type of promotion – popular clothing brands adding value to NFT projects with utility that is virtual as opposed to physical – has seen success in recent months, headlined by the “adidas Originals Into the Metaverse” collection, which involved a partnership with NFT heavyweight Bored Ape Yacht Club.
MTG has also nabbed a seed round from metaverse investment group QGlobe, led by CEO Apollo Green and former Kava CMO Sarah Austin. Austin told CoinDesk the firm has big ambitions for MTG, including an eventual raise to build its own metaverse ecosystem on par with popular platforms like Decentraland and The Sandbox.
“We haven’t seen one major metaverse emerge as the platform yet,” Austin told CoinDesk in an interview. “It’s community first, and when you have the community of gamers and early users that MTG has, it makes for a very promising future.”
CORRECTION (Dec. 30, 18:55 UTC): Lifeline tokens will not be included as staking rewards for MTG NFTs.

source

NFT

Tyler Hobbs' Fidenza NFT Project Gets $1M Pump Over 48 hours – CoinDesk

Published

on

source

Continue Reading

NFT

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

Published

on


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.
 
For all PYMNTS crypto coverage, subscribe to the daily Crypto Newsletter.
New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking services, just 9.3% call them their primary bank.
Sign up for our daily newsletter.
You have successfully joined our subscriber list.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More
Sign up for our daily newsletter.
You have successfully joined our subscriber list.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More

source

Continue Reading

NFT

FTX Talking With Investors for $1B Fundraising at $32 Billion Valuation – NFTgators

Published

on

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.
Stay up to date:
The Embassy of Israel in Korea Opens Pavilion in the Metaverse
Bored Ape Yacht Club #2883 Was Today Sold For 105 ETH
Leading NFT Collections Are Seeing a Rise In Median Price
Uniswap Labs Acquires Genie, Announces Uniswap NFT
New NFT Marketplaces Bid to Dethrone OpenSea From Top Spot
Space Runners Ramps Up the Development of Its Metaverse-Only Fashion House with $10M Round

source

Continue Reading

Trending

Copyright © Diaily Meta News