Continuing legal talks on cryptocurrencies and NFTs attempt to safeguard authentic investors. OpenSea has adjusted its Stolen NFT Policy after receiving mixed comments and may face a class action lawsuit. In addition, some actions in the NFT market are driven not only by long-time NFT lovers but also by interesting new elements from K-drama. Let's Trait Sniper count on some highlighted news!

Blockchain Market

NFT Collections Will Be Regulated Like Cryptocurrencies Under The EU’s MiCA Law

On August 2, during a panel at Korea Blockchain Week, European Union (EU) Advisor Peter Kerstens offered new insights that under the Markets in Crypto-Assets (MiCA) law, NFT collections will receive the same treatment as cryptocurrencies, CoinDesk reports.

With this new categorization, EU citizens wishing to sell a collection of NFTs will be considered crypto-asset service providers (CASPs) and will be required to get a formal license from the EU before presenting their services (or goods) to the general public. Through these rules, the EU hopes to “protect investors and preserve financial stability while allowing innovation and fostering the attractiveness of the crypto-asset sector." In addition, the EU seeks to reduce cases in which cryptocurrencies are exploited for financial fraud and other illegal activities.

On the other hand, the United States' efforts in regulating the crypto and NFT areas have primarily focused on criminal elements who use developing blockchain technology to conduct white-collar crime on a large scale. With former Coinbase and OpenSea workers being charged with insider trading, the first moves in regulating Web3 in the U.S. have been related to the establishment of dedicated cybercrime units inside government agencies like the IRS and FBI.

OpenSea Bows To Pressure And Updates Their Stolen NFT Policy

OpenSea, the leading NFT marketplace, has verified policy adjustments regarding stolen NFTs. In conclusion, for any future reports, if no police report is filed within 7 days, the platform will re-enable the purchasing and selling of any supposedly stolen NFTs. In addition, they are simplifying the process of re-enabling the purchase and sale of NFTs for consumers who have previously reported them as stolen.

They have also declared their long-term objectives regarding the issue, which include a focus on developing solutions that address the fundamental causes of the problem (concerning stolen NFTs). They will collaborate with numerous ecosystem partners to prevent and disincentivize theft, as well as provide improved educational tools to assist Web3 users in remaining secure.

OpenSea also admitted to caring “DEEPLY” about enabling users to operate safely on their platform regarding their stolen NFT policy. They said: “Allowing the sale of stolen items and operating with stolen goods is no sign of a healthy ecosystem... but neither is a lack of trust from those of you who got us here.”

They concluded by expressing gratitude for the user's input, patience, and enthusiasm. Here you may see the whole Twitter thread detailing the adjustments.

OpenSea-Faces-Lawsuit-Over-Broken-Stolen-NFT-Feature-Website.jpeg

NFT Market

Malibu Mansion by The Sandbox x Paris Hilton

Paris Hilton is one of the early adopters of Web3 and has long been a vocal supporter of NFTs, metaverses, and all things Web3. Her latest partnership with The Sandbox further cements her Web3 presence.

The virtual Malibu Mansion will allow Hilton's followers to interact with her in exciting ways. For example, Hilton will organize social and community activities such as rooftop parties and luxury social experiences in the virtual estate. Moreover, she is organizing a special Halloween celebration for her LAND. In addition, eleven new avatars reflecting Paris Hilton's distinct personalities will be added to the Sandbox.

Paris Hilton said, "I am beyond ecstatic to push Paris World farther into the metaverse." “Together with my wonderful partner, The Sandbox, my team is committed to creating an outstanding real-world experience for my followers.”

Extraordinary Attorney Woo To Drop NFTs for Autism Awareness

AIMC, a branch of the famous Korean drama production firm Astory, and the makers of Extraordinary Attorney Woo on Netflix are releasing a series of NFTs to raise awareness of Autism. The television show has a global fan base and is the most popular non-English program on Netflix.

The major purpose of the project is to raise public awareness of Autism Spectrum Disorder; hence, whales are the main emphasis of the initiative. This will unite the community of committed Extraordinary Attorney Woo fans with the greater web3 community. It is a worldwide Web3 project on the Polygon platform that focuses on governance, community, and the environment.

“Woo Young-Woo, the show’s autistic lawyer lead, inspires millions of people all over the world with courage and hope. Woo Young-challenging Woo’s life receives inspiration, courage, and sometimes even flashes of insight from none other than the numerous whales. According to Han Se-min, CEO of AIMC, “We are getting ready for the Extraordinary Whale Club NFT to support Woo Young-fans Woo’s all over the world and to give courage and hope to many others affected by ASD.”

OpenSea Invests $100k to Bring New NFT Art to Life With FWB DAO

OpenSea is collaborating with the Friends with Benefits (FWB) DAO to handle the debut of The Flock, an "immersive gallery exhibition" and "curatorial initiative". The collection of one-of-a-kind NFTs will contain works by artists such as Ayaka Ohira, Case Simmons, Vivian Fu, and a great many more. For the first time, OpenSea's homepage will be taken over by the FWB DAO, who will showcase its portfolio of upcoming Web3 artists on its homepage. The relationship between OpenSea and FWB goes beyond these front-page rights. In support of FWB's objective to guide the future of Web3, OpenSea has allocated $100,000 to FWB's curatorial team to develop new art. According to the press release, this money will be distributed to "artists from the conventional art world and the NFT realm" to assist them in realizing new creative works.

Final Thoughts

The market has shown signs of recovery, although there are still no outstanding points. The weekly news section of Trait Sniper's website is updated every Monday and does not let you miss any important news! The upcoming Ethereum merging event is eagerly awaited.

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