blockchain

The fallout from the FTX implosion may transport Steph Curry from the basketball court to US district court after the filing of class action lawsuit against the cryptocurrency exchange’s celebrity endorsers.

As if the crypto and NFT industry weren’t reeling enough in light of the FTX’s crash-and-burn, the U.S. Securities and Exchange Commission (SEC) is continuing its investigation into Yuga Labs Inc., the crypto company behind the (once) popular Bored Ape Yacht Club (BAYC), over its non-fungible token (NFT) collections and cryptocurrency.

The European Union’s (EU) “Thrive In The Metaverse” initiative for regulating the metaverse is intended to prepare Europe for the age of crypto and web3. What does it mean for European consumers, and is it likely that the US will follow suit and issue similar regulations?

As part of its new guidelines for the App Store, Apple has announced that it will allow developers to sell NFTs within apps and games. Despite the limitations and fees Apple attaches to certain types of NFT, this is a big deal because, as DigiDaigaku NFT project founder Gabriel Leydon tweeted, “…this could put an ETH wallet in every single mobile game onboarding 1B+ players!”

Video games are historically a driving factor in the development of new technologies. When the crypto-based assets known as non-fungible tokens (NFTs) first arrived, video game developers embraced them with lightning speed.

Recent legal developments in the US and elsewhere seem to point toward the eventual classification of NFTs as securities. Should the trend continue, these rulings and regulations are sure to have important consequences on the video game industry and on emerging technologies companies aiming to launch their own NFTs in the near future. 

The legal classification and regulatory environment for NFTs remain unclear, making it difficult for Web3 developers, video game publishers, and metaverse architects to be fully confident they can employ NFTs without inviting lawsuits or government investigations.

Numerous celebrities, musicians, athletes, and other influencers have invested in NFT artwork and technology, whether for their personal use or for building the next stage of their brand and empire.