Last week, the internet experienced the continuation of legal efforts to provide a solid legal framework not just in nations but also for global exchange platforms like Coinbase. Tech giants continue to invest in the NFT sector. In addition, the debate surrounding the implementation of NFT in gaming is becoming more intense due to divergent opinions. Let's check!

Blockchain Market

Coinbase Is Reportedly Facing An SEC Investigation Over Securities

Less than a week has passed since the former product manager of Coinbase was arrested and accused of insider trading. Bloomberg reports that the Securities and Exchange Commission (SEC) is examining the firm to see whether or not it permitted customers to trade unregistered securities on its platform.

The investigation, which has not yet been made public, was prompted in part by Coinbase’s practices after the exchange added over 100 additional tokens to its platform, including Dogecoin, the joke cryptocurrency based on the Shiba Inu meme. These types of coins typically do well after they’re first listed, but they’re very volatile, and their value typically evaporates over time.

Coinbase Chief Legal Officer Paul Grewal shared on Twitter to address the investigation, saying that: “We are confident that our rigorous diligence process—a process the SEC has already reviewed—keeps securities off our platform, and we look forward to engaging with the SEC on the matter.”

UK To Introduce New Law Concerning NFTs and Crypto

The UK’s Law Commission has recently consolidated that the UK should create a new category of private property law for digital assets such as crypto and NFTs. This follows the European Union’s attempts to regulate the crypto asset sector through a Europe-wide regulation called MiCA.

In addition to recognizing NFTs and crypto as personal property, proposed legislative revisions would enable victims of crypto scams to seek recourse. Importantly, these rules only apply to the United Kingdom because Northern Ireland and Scotland each have their own legal commissions.

Financial regulators urged last week that Parliament accept stablecoins as legal currency. In addition, the document explains why existing rules cannot be applied to digital assets. This study asserts that digital assets possess "several distinguishing properties" and "unique attributes" that separate them apart from traditional assets.

The United Kingdom is rapidly becoming a crypto and NFT hub. However, the FCA, which regulates crypto in the United Kingdom, has not yet created a fully regulated environment. According to Sarah Green, Legislation Commissioner for Commercial and Common Law, a solid regulatory framework must be established to guide the UK's cryptocurrency industry.

NFT Market

Samsung Launches ‘Space Tycoon’ As Metaverse Contributions Continue

Samsung, the South Korean tech giant, continues to pour money into the meta-space by creating a new metaverse gaming playground entitled “Space Tycoon.”

Built on the Roblox metaverse platform, the game provides players with many alternatives for explore and is targeted mostly toward Generation Z. In this virtual world, players may create their own Samsung items and use them to connect with others. The platform will launch in 14 languages, including Chinese, Spanish, French, Korean, and English.

Space Tycoon is designed to be a playground where many customers can experience the unlimited possibilities of virtual spaces. Kim said. “We wanted to give our Gen Z customers a chance to experience Samsung products in a way they have never done before. We will continue to showcase content that can deliver more meaningful and entertaining digital experiences for both our current and future customers.“

Snapchat Is Looking for Ways To Allow Artists to Display Their NFTs On The App

Snapchat is working on introducing AR filters that will allow creators to show off their digital collectibles. According to sources, Snapchat has no plans to charge content producers for this new feature, so they will be able to make use of it for free. However, the platform is seeking to establish partnerships with third parties, such as NFT marketplaces, so that authors may commercialize this feature. According to a report from the Financial Times, Snapchat aims to test the functionality with a limited group of producers in August. Snapchat has yet to disclose any information. Artists will be able to mint NFTs and then add digital art to their Snap Lenses for the public to see.

However, it isn’t the first social media company to show interest in NFTs. Facebook is going big with the metaverse and Twitter took to NFTs last year.

Hyundai Is Back With Its Second NFT Collection

The famous automaker, Hyundai Motor Co., has officially unveiled a brand-new NFT lineup: Ioniq 6. The corporation gave out free 5K digital assets to collectors. This action enabled several NFT and automobile lovers to enjoy the unique experience.

In fact, Hyundai’s Ioniq 6 NFT collection includes plenty of holder perks:

VIP access to the company’s virtual space “Planet Hyundai”;
early access to fashion-themed digital assets;
virtual events are hosted in the virtual space “Ioniq Digital Garage”.

In fact, holders may get additional perks based on the rarity of the NFTs. There will be six themes to define rarities: Work, Socializing, Entertainment, Healing, Fun Driving, and Stress-Free Driving.

“Hyundai Motor has continuously explored new methods to connect with and involve our customers,” said Executive VP Thomas Schemera. “The IONIQ 6 NFT Collection is a meaningful endeavor to expand the boundary of NFTs from simple investment and possession to experiences and storytelling.”

Epic Games CEO Tim Sweeney Refuses to Ban NFTs On Epic Games Store

Tim Sweeney has made his position clear on the subject of banning NFTs on his Epic Games Store: “definitely not”. His response came when Mojang Studios banned all NFT integrations on its Minecraft platform.

Sweeney said: “Developers should be free to decide how to build their games, and you are free to decide whether to play them. I believe stores and operating system makers shouldn’t interfere by forcing their views onto others. We definitely won’t.”

Additionally, in response to a post that suggested that Epic Games’ policy on prohibiting “hateful/discriminatory content” may be akin to banning NFTs, he said: “A store could choose to make no such judgments and host anything that’s legal, or choose to draw the line at mainstream acceptable norms as we do, or accept only games that conform to the owner’s personal beliefs.”

NFTs have become a very controversial topic in the gaming industry, with some players eager to explore this new technology and others strongly opposed to it. Some gamers continue to find NFTs attractive, maybe because they prefer the concept of owning their in-game products and being able to exchange them on an open market. The discussion will certainly continue for some time.

Final Thoughts

The market is still marked by a high degree of fear. Participants in the blockchain and lovers of NFTs seem to be awaiting something interesting. Anyway, hacks and frauds have been rampant for a time, and now appears to be the ideal moment to develop legal foundations to safeguard both investors and traders in this silent time. In addition, active tech titans also continue to drive the future growth of NFT.

Trait Sniper Weekly News 9 (25.07 - 31.07.2022)

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