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The month of February was filled with investors’ hope that an earlier-than-expected Federal Reserve policy pivot would occur, but this sentiment faded as the inflation and employment data came in hotter than expected. While the start of the month was bullish for the crypto market, Bitcoin (BTC) retraced 60% of the move from February’s low at around $21,500 to the peak of $25,250. Nevertheless, some narrative-driven rallies still caused significant price growth in some altcoins. The leading narratives were Bitcoin NFTs, liquidity staking derivatives (LSDs) on Ethereum and Artificial Intelligence (AI) projects. Let’s review the top performing coins of the month.…

NFT On Feb. 22 came the publication of what will surely become an instant classic application of the Howey Test, part of a 64-page opinion written by Judge Victor Marrero of the U.S. District Court, Southern District of New York. In denying the motion by Dapper Labs and its CEO to dismiss an unregistered securities offering case brought against them, the court provided one overarching lesson: If you market NFTs [non-fungible tokens] using your own private blockchain and marketplace, then you should probably hire a good compliance lawyer beforehand. Acknowledged by the court as the first case to decide whether…

NFT Dapper Labs may not get its way in the class action lawsuit against its Top Shot NFTs, and other projects should be on notice, attorneys say. Counsel from Skadden, Arps, Slate, Meagher and Flom LLP said that the court’s decision last week to allow the class action, alleging Top Shot moments are securities, to move forward foreshadows how NFTs may be treated in the future. US District Judge Victor Marreo determined the plaintiff’s argument — that Dapper Lab’s NBA Top Show Moments passes the Howey Test —- is plausible. But ruling against dismissal does not in and of itself…

Coffeezilla – the popular YouTuber and “Internet Detective” covering crypto scams – is now accusing the mixed martial arts legend Khabib Nurmagomedov of “scamming” his followers with NFTs. The former UFC lightweight champion said his new collection will give fans access his his “private club,” while enabling holders to mine Bitcoin. Khabib’s NFT Collection Nurmagomedov launched his NFT collection in partnership with GoMining, for whom he became an ambassador in October 2021. The company’s goal is to provide Bitcoin mining industry access to regular consumers, by rewarding holders of its GMT tokens and custom NFTs with BTC mined from its…

Ras Al Khaimah, one of the United Arab Emirate’s (UAE) seven Emirates, is set to launch a free zone for digital and virtual asset companies as the country’s approach to the industry continues to attract global crypto players.The RAK Digital Assets Oasis (RAK DAO) will be a “purpose-built, innovation-enabling free zone for non-regulated activities in the virtual assets sector.” Applications will open in the second quarter of 2023, the statement said.The free zone will be dedicated to digital and virtual assets service providers in emerging technologies, such as the metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens (NFTs), decentralized…

NFT Orange Comet, a Web3 startup focused on non-fungible tokens (NFTs) and metaverse experiences for the entertainment industry, has raised $7 million in an equity funding round that included a mix of existing and new investors, a spokesperson told CoinDesk. The company expects to launch a larger capital round later this year. The funding round was revealed in a Feb. 23 filing with the U.S. Securities and Exchange Commission (SEC), which showed that Orange Comet had raised $7,243,539 of a $20 million target through a sale of equity and securities. Los Angeles-based Orange Comet creates technology and content that create…

Blockchain Shiba Inu (SHIB) developer Shytoshi Kusama has drawn attention to the new MetaMask SDK feature that has been launched in the Unity Asset Store. In a recent tweet, Kusama highlighted how the launch of the MetaMask SDK in the Unity Asset Store will allow developers to connect their games to the MetaMask wallet, enabling users to interact with web3-enabled features within the game itself. This move is expected to take gameplay to a whole new level and bring web3 values to the gaming industry. Significant investment is flowing into the Web3 gaming sector, which is contributing to the rapid…

Ordinals became the new hot thing on any blockchain when they launched on Bitcoin, causing quite a stir and dominating the conversation. But is all the excitement dissipating and if so, what can reignite it?Ordinals are inscriptions on the Bitcoin blockchain, and are like NFTs, but slightly different. Essentially, they’re digital assets that are inscribed on the lowest denomination of Bitcoin, called a satoshi. Not many thought Bitcoin could host NFTs, but thanks to the Taproot upgrade these inscriptions are possible.After Ordinals became so popular, fees on the Bitcoin network went through the roof, passing an ATH of $170,500 in…

The United Kingdom’s bank regulator, the Prudential Regulatory Authority (PRA), will propose rules for issuing and holding digital assets, Bank of England (BOE) executive director of the Prudential Policy Directorate Vicky Saporta said in a speech at the bank Feb. 27. The rules will be developed with consideration for Basel III rules and the Financial Services and Markets (FSM) bill now being considered by the Parliament. The FSM bill, which had its second reading in the House of Lords in January, would give the PRA the new secondary objective of facilitating U.K. international economic growth. To this end, Saporta said, “PRA…

Blockchain Leading game developer platform Unity is tapping into Web3, releasing a “decentralization” category in its online storefront, the company said Tuesday in a press release. As a part of the toolkit, Unity is adding support for 13 different blockchain-based software developer kits (SDKs), from chains and products including Algorand, Aptos, Dapper Labs’ Flow blockchain, Immutable X, MetaMask, Solana and Tezos. See Also: ImmutableX to Launch All-In-One Passport System to Onboard New Gamers Into Web3 Unity aims to provide game developers resources to connect with Web3 gaming, an industry that’s been on the rise in the crypto space. With the…