What's In Your Wallet
Slotie Faces Regulator Deadline Over NFT Sales
Consumers were entitled to a percentage of the earnings from online gambling at Slotie’s parent company, Elia Software, in exchange for purchasing 10,000 slotie, NFT that came with personalized avatars that look like the child of an eccentric slot machine and a mad robot.
Casinos despise clocks, but Slotie owns one. The former Soviet republic of Georgia’s online casino will run out of time Thursday to react to four U.S. states that effectively kicked it out of the country last month. They argued that its sales of nonfungible tokens (NFTs) to fund foreign expansion were thinly disguised unlawful securities offerings.
According to the online casino, Slotie NFTs sold out quickly on December 7, 2021. According to the cease-and-desist order issued by New Jersey, “there is no blockchain evidence of 10,000 Slotie NFTs selling out in under 5 minutes.”
According to Joe Rotunda, the Texas State Security Board’s head of enforcement, Slotie sold 300 ether and raised $1.3 million. The connected avatars are depictions of Roman legionnaires and pirates.
On Oct. 20, four states charged the business of selling unregistered securities after nearly a year.
The casino shut down its US site eight days later. Slotie has been deafeningly quiet after protesting on Twitter about “false acts and misinformation regarding Sloties” in the cease-and-desist notices and offered to meet with the SEC to resolve the situation. Its primary website, which provides investors with NFTs and casino games, is restricted in the United States but accessible worldwide.
Slotie may not have the resources to challenge the orders, but the case raises critical questions regarding state and federal attempts to exert jurisdiction over international firms, as well as how far governments will go to discourage American businessmen from investing abroad.
The four states issued their directions 28 days ago on Thursday, but an Alabama regulator said officials normally allow a few more days for email delays.
Security commissioners in Texas and Alabama said they haven’t heard from the corporation. “Missed deadlines are never a smart idea,” says Sean Griffin, a partner at Dykema Gossett.
Forbes reached out to Slotie’s social media accounts and Elia, its Tbilisi-based parent company, for a reaction. Griffin proposed three alternatives for the company:
Respond to state orders, request private hearings, or file a lawsuit against regulators.
• Do nothing; let the states try to unwind previous NFT sales and see if they can reach an agreement.
• Go off the grid, which Griffin says will be simple given the lack of knowledge about the company’s investors. Slotie could offer identical NFTs under a new name, but regulators might discover it.
Griffin describes Slotie’s reference to the SEC in his Oct. 28 tweet as “shady” and a “weird approach” to preempt state action.
Slotie was not the first international internet casino to run afoul of state regulators, but its strategy appears to be more sophisticated than those of its predecessors. In April and May of this year, two states issued emergency orders against Sand Vegas Casino Club and Flamingo Casino Club for selling NFTs and promising investors online-casino winnings without presenting financial statements or warning of investment hazards.
In the instance of Sand, regulators claimed the company flatly misrepresented to potential investors, informing them that US securities rules did not apply to NFTs and that additional attempts might be taken to thwart regulators.
After being approached by officials, Flamingo returned to Russia and Sand to Cyprus, Iceland, or Arizona. Both were tight-lipped regarding their physical whereabouts.
Elia, an online casino and gambling software provider with 120 partners and 30 slot games, established Slotie as an NFT experiment.
According to New Jersey’s decision, “holding a Slotie NFT might be regarded as a partnership contract between holders, casinos, and Elia Software. Casinos pay us a commission of 12% of their slot machine revenue in exchange for executing and selling high-quality gaming solutions for them.” On a monthly basis, we distribute 80% of our NFT-based slot machine revenue to Slotie owners.
Slotie members can participate in weekly lotteries to win cash, free spins, and new tokens. In the Sandbox metaverse, the company intends to launch a blockchain-based alternative.
Slotie appears to be unaware of federal and state securities regulations.
Normally, issues involving foreign entities are handled by the federal government, but according to Joseph Borg, director of the Alabama Securities Commission, “in the crypto and blockchain space, the federal law is still sort of up in the air,” and there is no clear definition of who has primary jurisdiction over this new industry.
The general public is interested in how federal commissions regulate NFTs and if they should be classified as securities.
“I think they’re learning,” says Jeremy Goldman, partner, and co-chair of Frankfurt Kurnit Klein & Selz’s blockchain technology group. “It would be a huge mistake, and legally incorrect, to claim that non-fungible tokens are securities. That would be terribly foolish.”
The four states appear to have ruled that Slotie’s NFTs are securities, but how much authority does a state order in the United States have over an international metaverse company?
“It doesn’t matter where the party is operating from,” says Joe Rotunda, director of enforcement for the Texas Securities and Exchange Commission. “If they come into our states and recruit our constituents as part of a fraudulent operation, we will pursue action aggressively to safeguard our constituents.” This includes companies based in the former Soviet Union, Russia, or right here in our own backyard.
Despite the fact that Slotie has blocked access to its website in the United States, residents can still purchase its NFTs through smart contracts on the Ethereum blockchain and digital wallets. Even if programmers try to prevent access from the United States, locations can be hidden by using virtual private networks, and Americans who travel abroad can simply place orders from other countries.
Slotie’s Twitter account is still active, implying that the company is still promoting to Americans who might be interested in trying out the casino tokens.
“I would advise against purchasing these unregistered Slotie NFTs,” Griffin of Dykema Gossett adds. “These restrictions are in place to protect consumers from losing money. It’s like removing your seatbelt and airbags and driving at 100 mph.”
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The initial iteration of the COGGI Coin was such a resounding success that it immediately spurred the design and production of the second iteration of the coin.
Currently Working on Putting Together a Brand-New COGGI NFT Collection
Fahura Digital Arts have stated that it is working on generating a second round of COGGI NFT Coins in response to the remarkable success of the original release of the coins. This comes after the initial release of COGGI NFT Coins.
On January 6, after Fahura Digital Arts had some early success with the sale of the first 10 Magical Non-fungible Tokens (NFT) via Miidas NFT, the company announced that it is now working on the next generation of COGGI Coins.
On January 7, the creator of the new collection started making statements about it, while simultaneously pushing the Latin phrase “per liberiore mundi,” which means “For a freer world.”
Fahura Digital Arts, the creator of the Presale “Coggi Revolution” Collection, is the entity responsible for the distribution of the NFTs that are a part of the collection.
In addition, Rice Protocol, which is working in conjunction with CoreDAO to power the NFTs, is providing the necessary computing power. COGGI Coin non-fungible tokens (NFTs) are issued by Fahura Digital Arts in the form of ERC-721 tokens for use on the CoreDAO testnet.
Concurrently with the launch of the CORE mainnet, progress has been made on the creation of the Miidas NFT platform. According to the most recent information from the CoreDAO team, the launch of the mainnet should take place in the very near future.
Because of this, in the not-too-distant future, COOGI NFTs will be able to be mined and traded on open marketplaces.
The fact that the bare minimum required to buy a COGGI Coin has been raised to 176 CORE is evidence that demand for both COGGI and CORE is only growing.
The initial collection had a large number of different designs that were shown on a variety of coins. Many of these patterns were associated with precious stones and jewelry in some way.
Fahura Digital Arts are now conducting a feedback collection effort in order to increase user participation and ensure a smooth rollout of the Core Mainnet. As this article is being written, the vote to decide whether or not the Coggi community will make a promise on the number of times it will meet together is still open.
Additionally, Fahura Digital Arts are the company responsible for developing a variety of non-fungible tokens (NFTs) with a llama theme that is compatible with COOGI Coins. You can find the COGGI Llamas on Polygon, and they host a cast of characters that are boisterous and amusing at the same time.
These llamas in the wild command a very high price as well.
The Satoshi Plus ecosystem is being constructed by the official decentralized organization known as the Core DAO. It gives miners the opportunity to gain access to other revenue streams, which they may accomplish by contributing their hashing power to the chain. As a result, miners can potentially increase their earnings.
Core exhibits a strong respect for the history of the cryptocurrency ecosystem, and this joy is matched only by Core’s excitement for its role in the future of the ecosystem. This fervor is fueled by the ideas that lie at the foundation of both blockchains.
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Uniswap, formerly known as UNI, has at long last joined the NFT bandwagon.
As part of the DEX’s most recent effort to seize a section of the market for non-fungible tokens (NFTs), the DEX has announced the release of a new NFT aggregator. This move was made as part of the DEX’s most recent push.
On January 10, Uniswap sent out a tweet in which it announced that the aggregate will consolidate NFT listings from different marketplaces into a single interface, allowing users to view all of the advertising simultaneously.
There were a few different platforms utilized, some of which included LarvaLabs, LooksRare, and OpenSea.
The Uniswap NFT aggregator was developed with the goal of making it easier for NFT traders to compare the prices of different products but what’s even more crucial is the fact that it offers a degree of efficiency that can be deployed as a weapon against the fragmented nature of the market. This is an extremely important feature.
Customers do not need to move from one platform to another in order to discover the best offers or prices since this allows for a unified shopping experience.
Increasing the number of non-fund transfer transactions that are carried out on Uniswap
It was too early to say anything till the time the paper was printed, but it is feasible that Uniswap’s NFT trading volumes may grow as a result of this remark. On the other side, the increase will be dependent on whether or not the efficiency of this new product will be successful in attracting extra users.
An analysis of the company’s past performance revealed that the trading volumes of Uniswap’s non-financial instruments had seen a considerable drop from the highs they attained around six months ago. This was discovered when the company’s history was analyzed. It was a reflection of the general drop that has been witnessed in the market for NFTs over the course of the previous year.
Nevertheless, despite the fall, a considerable amount of commercial activity was still carried out in the market. This was the case despite the fact that the price had dropped. As a result, the brand-new NFT aggregator has the possibility of causing an increase in the number of NFT trades over the course of the following few months.
Will UNI be able to carry on with their rally despite the weather?
Following a significant spike that began around the end of December 2022, Uniswap’s native token, UNI, has been seeing considerable selling pressure as of late. This increase began towards the end of December 2022.
At the time that this article was being written, it was being traded for $5.69, having experienced a little drop in value over the course of the preceding three days.
UNI could still have some room for upward movement, especially taking into account the fact that it had not been overbought at the time that this article was being produced and hence could still have some room for growth.
However, its MFI was already in the overbought zone when we looked at it, which increased the possibility of a probable decrease in value.
New evidence in support of this notion was offered by recent studies on the volume of trades.
At the time that this article was being written, the most current exchange volume figures provided by UNI indicated that there has been a decline in the amount of trading activity that has taken place after a price increase that occurred at the beginning of the week came to an end.
The ratio of money entering the market to money leaving it suggested that purchasers made up the majority of participants in the market.
The fact that UNI’s foreign exchange inflows were greater than its foreign exchange outflows at the time that this article was published is an indication that there was less buy pressure than there was demand.
As a direct result of this, there would almost certainly be an increase in the amount of selling pressure if this trend continued; nevertheless, the bulls may make a comeback if the market climate is conducive to it.
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The highly anticipated debut of the Game of Thrones NFT has already achieved its maximum capacity and is completely sold out, despite the fact that there have been delays and criticisms that it lacks “creative vision.”
The official “Game of Thrones” NFT collection, which was given the name “Build Your Realm,” was completely drained of all of its available inventory after just seven hours of its release yesterday on Nifty’s NFT marketplace.
The collection was given the name “Build Your Realm.”
It was probably not difficult to foresee the high degree of demand for these collectibles due to the general attractiveness of the event (and its new spinoff series “House of the Dragon“).
On the other hand, many people are now commenting that the quality of the artwork in the collection is equivalent to the eighth season of the HBO series, which is a big letdown for those who were anticipating a significant improvement.
Nifty’s and Daz 3D, a digital production company, collaborated on the first series of the collection in order to produce non-fungible tokens. Daz 3D was responsible for the creation and construction of the tokens.
November was the month that saw the first public disclosure of the project (NFTs). Each non-fungible token (NFT) that is mined on the Palm blockchain, which is an Ethereum-compatible sidechain developed solely for NFTs, contains several elements from the universe of “Game of Thrones.” Palm is a blockchain designed exclusively for NFTs. This enables collectors to create their very own one-of-a-kind places and avatars by employing NFTs in the construction process.
The NFTs were made available for distribution through a presale of 3,450 Hero Boxes, which was then followed by a general sale of 1,500 Hero Boxes four hours later. In all, 6,050 Hero Boxes were purchased through both of these sales. Each Hero Box may be purchased for a total cost of $150 (or about 0.11 ETH), and in addition to three Story Cards and nine Resource Cards, it includes one Hero Avatar.
The launch of the NFT has been met with criticism for two distinct reasons: difficulties with the mint, and derision directed at the embarrassingly terrible avatar designs. Both of these issues have contributed to the controversy that has surrounded the launch.
Reproducing mistakes and satirizing existing works of art
As a result of the congestion, Nifty’s released an announcement indicating that it had “paused the line temporarily,” assuring consumers that they will either receive a refund for their purchase or see it emerge in the near future.
According to the account of one user on Twitter, after waiting for one hour, they found out that they still had to wait another two and a half hours before they could mint. Another individual stated that by the time that they had gotten their NFTs, the floor price had already gone down.
The lowest price at which an NFT that is a part of a collection may be obtained immediately is referred to as the floor price of the collection.
It is not particularly typical for issues to develop with minting and delivery when a project is first introduced; despite this, the most prevalent criticism is over the avatars’ outward look, namely the hands, which are portrayed as being unrealistic.
“This Game of Thrones NFT collection is just like the last season of the program,” Justin Taylor is quoted as saying in one of his articles. “There is absolutely no creative vision, and the situation is terrible.”
Loopify, a nickname used by the co-founder of the Web3 gaming project Treeverse, referred to the collection as “the ugliest thing I’ve ever seen.” He said this in reference to the collection. In addition to that, he included an illustration of an avatar with very bizarre hands.
Despite the criticism that has been thrown towards the roasting, some people have pointed out that there is still a chance that it will be beneficial for collectors.
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