Game developers are finding ways to launch blockchain-based games with cryptocurrency or NFT elements on Valve's Steam PC gaming marketplace, despite the platform's restrictions banning such games, either by removing crypto and NFT aspects or redirecting players to third-party websites to buy NFTs. These games can't interact with NFTs on Steam, but players can acquire them and use them in the game via external portals.
Impact Theory, a media and entertainment company, has been charged by the Securities and Exchange Commission (SEC) for conducting an unregistered offering of crypto asset securities in the form of non-fungible tokens (NFTs), raising approximately $30 million from investors.
The United States Internal Revenue Service has proposed regulations for the sale and exchange of digital assets by brokers, aiming to simplify tax filings and prevent tax cheating, with the rules set to go into effect in 2026; meanwhile, several crypto commentators have criticized the new tax reporting rules.
The SEC's enforcement action against Impact Theory for selling unregistered securities as NFTs has raised concerns and sparked debate about the classification of NFTs as securities, with some arguing that it could have negative implications for the NFT industry and hinder innovation.
The SEC's first enforcement action against NFT issuers has raised questions and uncertainties regarding regulations and legalities surrounding NFTs, including whether they should be classified as securities and how marketplaces should be regulated.
Grayscale Investments succeeds in its bid to convert its Grayscale Bitcoin Trust into a listed Bitcoin ETF as the U.S. Court of Appeals grants its petition for review and vacates the SEC's order to deny the GBTC listing application. Meanwhile, the SEC delays decisions on six applications for spot Bitcoin ETFs, and the United Kingdom introduces the Travel Rule for crypto asset businesses. Additionally, the SEC accuses Impact Theory of engaging in unregistered securities transactions through NFT sales, and a Chinese court declares virtual assets as property protected by law.
The nonfungible token (NFT) market has experienced a significant decline in value, but experts believe that NFTs still have potential for growth and innovation in the future, particularly if they can offer tangible benefits and utility beyond digital art, such as asset-backed NFTs and membership-based models.
The Securities and Exchange Commission (SEC) has determined that the sale of non-fungible tokens (NFTs) tied to the Stoner Cats web series was illegal, as the NFTs were considered unregistered securities, resulting in a $1 million fine and the destruction of all remaining NFTs for the company behind the series, Stoner Cats 2 (SC2).
The SEC has charged Mila Kunis and Ashton Kutcher's NFT-based web series "Stoner Cats" with selling unregistered securities, resulting in a $1 million fine and the requirement to destroy all NFTs.
Google will allow games featuring nonfungible tokens (NFTs) to advertise on its platform, a developer stole $1 million from the Milady NFT collection, CNA Insurance excludes NFT coverage from a $20-million policy, the metaverse is popular in Asian markets, and Binance ends support for Polygon-based NFTs.
The New York State Department of Financial Services (NYDFS) has proposed stricter regulations for crypto firms, including enhanced criteria for coin-listing procedures and a framework for designating tokens to the regulator's greenlist.
Mainstream media outlet Rolling Stone has claimed that 95% of nonfungible tokens (NFTs) have no value, according to a study by DappGambl, although some community members believe that the narrative may change in the future.
