Connect with us

NFT

Mr Bean NFTs launched at the same time as the crypto crash: coincidence? – PC Gamer

Published

on

PC Gamer is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Here’s why you can trust us
By published 12 May 22
This could very well be his Greatest Goof of All.
On May 9, Yahoo Finance reported that Mr Bean, the mute buffoon from British television co-created and played by Rowan Atkinson, would make his NFT debut in a joint venture between FOMO Lab and Banijay.
“I think that this is a great idea,” Atkinson said about the project. “Any initiative which not only draws attention to but actually enables access to the fabulous artwork associated with the Mr Bean Animation series, I welcome with open arms.”
The announcement was ill-timed. Cryptocurrencies across the board are precipitously falling in value, including mainstays like Bitcoin and Ethereum, and the so-called stablecoin, Tether, has fluctuated alarmingly.
@MrBean is taking his first steps into the #Metaverse…👀We are excited to announce that a collection of 3,333 Mr Bean NFTs will be purchasable from May 25th on the Ethereum blockchain in partnership with @fomo_lab. Visit @yahoofinance to read more👇https://t.co/DXilv6TbdN pic.twitter.com/s1USd0bIcyMay 10, 2022
Mr Bean has been given a pass for his antics for far too long, but could this be the funnyman’s pièce de résistance: bringing down an entire subset of the economy with a venture so ill-advised it snapped everyone out of their crypto-fever?
OK, probably not. Bitcoin and Etherreum both began declining in value earlier in the month, days before we had any inkling that Rowan Atkinson’s character would be making his blockchain debut. It’s far more likely that the other, numerous concerns about blockchain-based assets finally broke the spell, shaking confidence in their value and spelling an end for at least the current chapter of crypto-mania.

Still, this poor timing may speak to a greater artistic merit for the 3,333-piece run of non-fungible tokens, even as their monetary value is doomed from the start. Bean famously remains, after all these years, a buffoon, a clown, and a dingus. The numerous NFT tie-ins of the past year have been rightly derided, but what could be more buffoonish, more clownish, more dingusy than lunging for a bite at the apple in this of all moments?

FOMO Lab’s official discord has a “#show-us-your-bean!” channel open in anticipation of the collection’s release. It remains empty, as prospective Bean-holders can’t make their purchases yet, but I still find it ominous, desolate even in the face of current events.
As his NFT collection is doomed to fail, perhaps now Bean will receive a righteous comeuppance for the indignities he’s wrought on the good people of England across years of dunderheaded antics.
Ted has been thinking about PC games and bothering anyone who would listen with his thoughts on them ever since he booted up his sister’s copy of Neverwinter Nights on the family computer. He is obsessed with all things CRPG and CRPG-adjacent, but has also covered esports, modding, and rare game collecting. When he’s not playing or writing about games, you can find Ted lifting weights on his back porch.
Sign up to get the best content of the week, and great gaming deals, as picked by the editors.
Thank you for signing up to PC Gamer. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.
PC Gamer is part of Future US Inc, an international media group and leading digital publisher. Visit our corporate site (opens in new tab).
© Future US, Inc. Full 7th Floor, 130 West 42nd Street, New York, NY 10036.

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