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NFT A recent legal decision may offer some much-needed – though not much-liked – clarity on the regulatory landscape ahead for non-fungible tokens (NFT) that may define how centralized companies proceed in entering Web3. The federal judge in New York overseeing a class-action lawsuit against Dapper Labs ruled Wednesday to deny the company’s motion to dismiss the suit, writing that the plaintiffs’ claims that Dapper Labs’ NBA-branded Top Shot Moments NFTs are securities – and that selling them without first registering with the U.S. Securities and Exchange Commission (SEC) was a violation of federal securities laws – are “plausible.” In…

In this episode of Hashing It Out, Pacman, the founder and core contributor of the nonfungible token (NFT) marketplace Blur, joins Elisha Owusu Akyaw to discuss how Blur has captured the attention of the NFT market.The tides in the NFT ecosystem changed in December 2022 when the newly launched NFT marketplace overtook OpenSea as the largest NFT trading platform by trading volume. Pacman describes this as a similar situation to the progression of the general token market. He explains that Blur created a marketplace that puts professional traders first, a niche not covered by popular platforms that prioritize a simple…

The original manuscript of Neil Stephenson’s Snow Crash, the book that coined the term “metaverse,” will be auctioned by Sotheby’s, according to a page on its official website. The auction is part of a Feb. 23 series called “Infocalypse” that includes six physical and six digital items related to the famous book.The original manuscript is in Lot 2 of the series. It is “wrapped in original Xerox 4200 Paper,” secured with masking tape, and contains “corrections and notations throughout in Neal Stephenson’s hand in blue ink.” It also has the title of the book written on the spine with a sharpie…

Vulcan Forged prepares for a migration and reboot of their LAVA token economy with an upcoming snapshot and airdrop. It all begins on March 1st. Though you’ll want to make sure you have your tokens in the right spots before then! In support of their new blockchain, and for a chance to revamp their game economy, VulcanForged will soon migrate their LAVA token over to Elysium. There will be a wallet snapshot taken on March 1st. This will count all LAVA tokens on the Polygon network that are in wallets or part of the Cold LAVA storage. However, be sure…

Blockchain Eclipse, a Layer 2 developer, announced the upcoming release of Polygon SVM, a blockchain that is compatible with Solana and built for the Polygon network. The goal of Eclipse’s Polygon SVM blockchain is to allow Solana developers to move their apps to Polygon without having to rebuild their code for the Ethereum Virtual Machine (EVM). The Polygon SVM testnet is expected to launch in the first quarter of this year, with the mainnet expected to follow in the second quarter. Polygon SVM is a Layer 2 blockchain that uses the SeaLevel Virtual Machine (SVM), a computing environment that enables…

The Canadian Securities Administrators (CSA) published a notice on Feb. 22 describing new commitments it expects from crypto asset trading platforms (CTPs) seeking registration in Canada. The CTPs will enter into a new version of preregistration undertakings (PRUs), which are legally binding documents. Registered CTPs will be contacted by their principal regulators about compliance with the new expectations. The new commitments represent investor protections in light of the spate of CTP insolvencies that occurred in 2022, the CSA wrote. The new commitments touch on issues that include segregation of assets, leverage, determination of capital, transparency and others. The notice devoted by…

Nonfungible tokens (NFTs) belonging to the bankrupt hedge fund Three Arrows Capital (3AC) will be sold by its liquidators Teneo, according to a recent announcement. In a notice dated Feb. 22, joint liquidator Christopher Farmer announced that the liquidators intend to begin the sales of NFTs that belong to 3AC. The announcement highlighted that the sale would be done to “realize the value of the NFTs for the purposes of the liquidation.” According to the announcement, the sales will begin 28 days after the notice. The liquidators clarified within the announcement that it will not include the list of NFTs informally…

NFT Crypto fans have cumulatively spent $280,000 in transaction fees to mint more than 28,000 Coinbase NFTs on Ethereum. The NFTs were available to be minted for free for those who wanted to mark the testnet launch of Coinbase’s Layer 2 network, Base. Coinbase introduced Base today as a Layer 2 network set to run on top of the Ethereum mainnet. It’s built on Optimism’s OP Stack and will be part of its “Superchain” — a name given to the Layer 2 networks built on the OP Stack that are compatible with each other. Base will be a network for…

NFT Dapper Labs posted a series of tweets in response to the judge’s ruling on the NBA-branded “Top Shot Moments.” The web3 company first posted that in the Friel v. Dapper Labs case, the court made an order characterized as a “close call.” The ruling simply rejected a motion to dismiss the complaint made during the case’s pleading stage. Today’s order in the Friel v. Dapper Labs matter – which the Court described as a “close call” – only denied our motion to dismiss the complaint at the case’s pleading stage. The judge did not conclude the plaintiffs were right,…

NBA Top Shot Moments nonfungible tokens may be considered a security under the United States security laws, a federal judge said in a Feb. 22 court filing.The ruling came as federal judge Victor Marreo denied a motion from Dapper Labs CEO Roham Gharegozlou to dismiss a class-action lawsuit claiming its NBA Top Shot NFTs are securities. In denying the motion, the court authorized the case to proceed. Dapper Labs now has 21 days to respond to the court’s decision. For the verdict, the judge reviewed the Howey test, which determines whether the NFTs qualified as an investment contract subject to…