NFTY Labs
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NFTY Labs

NFT Journal: Chapter Forty-One

It is with great delight that we welcome you to the NFT Journal’s forty-first edition.

Regulating The NFT Industry ⚖️

For many NFT entrepreneurs, navigating existing laws can be very stressful. There are no uniform regulatory laws governing the usage of digital assets, with each country issuing draconian regulations to regulate the novel industry.

For example, the UK’s Financial Conduct Authority recently issued an alert warning to people about investing in cryptocurrency. It further noted that digital asset promotions must comply with the UK’s Advertising Standards Authority’s guidelines.

Similarly, Nigeria’s Securities and Exchange Commission released a new set of rules titled “New Rules on Issuance, Offering Platforms, and Custody of Digital Assets.” Among other things, this document outlines regulations on blockchain investments, the application process, registration procedures, and limits on fundraising.

Furthermore, five states in the United States issued a cease-and-desist order to stop Flamingo Casino Club from selling fraudulent NFTs that promised to share revenue with investors, grant joint ownership of the virtual casino, and provide access to large lottery prizes. The collection also falsely claimed to be affiliated with Flamingo Las Vegas, withheld critical information about the company’s principals and ties to Russia and purchased Snoop Dog’s virtual land. The founders, unsurprisingly, have yet to respond to the regulators.

Airliners launching Airdrops: Drop ’em from the sky. ✈️

Last month, Emirate Airlines, the largest airline in the United Arab Emirates, announced plans to launch an NFT collection and a Metaverse project to realize the UAE’s digital economy vision. It also recently unveiled plans to include Bitcoin as a payment service.

Likewise, Taiwan’s Tigerair Ltd plans to launch 15 NFTs while limiting Taiwanese residents’ sales. Interested buyers can purchase these NFTs using their credit card and automatically receive three complimentary trips and free standby flights.

Market Round-up 🚀

Last week, Beyond was the most expensive NFT, selling for $700.99k. With a transaction price of $588.33k, Bored Ape Yacht Club #1725 ranked second. He and IDKHTD ERMES 001, which costs $462.27k, are the third and fourth on the list, respectively. The last on the top 5 list is BAYC #4215.

With $472.95 million in sales volume, OpenSea is the top NFT marketplace. LooksRare came in second with $233.23 million in revenues. Magic Eden, CryptoPunk, and NBA Top Shot ranked third, fourth and fifth with $60.9million, $8.05million, and $2.93million in revenue.

Azuki is the top NFT collection with a $97.36million sale volume, and Terrafoams by Mathcastle NFT ranked second with a sales volume of $88.76Mmillion. With $75.76 million and $53.92 million in trading volume, Otherdeed and Catgirl Academy are third and fourth. With a volume of $36.69 million, Bored Ape Yacht Club is at the bottom of the top 5 list.

On the investment front, Kucoin secures $150million in its series B funding round to expand its services to Web 3.0, crypto wallets, GameFi, DeFi, and NFT platforms.

Also, NFT 2.0 platform, Freeverse.io, raised $10.5million in funds from investors, including Earlybird Venture Capital and Target Global, to develop its core products and services.

About NFTY Labs

NFTY Labs is a foundation focusing on the growth of NFT ecosystems by building open-sourced, community-based tools that will unlock inherent utility and value within NFTs. NFTY Lab’s goal is to create new applications that offer new utilities for NFTs, and we aim to do this by utilizing a core feature of all NFTs: ownership.

Website | Medium | Discord | Telegram Chat | Telegram Announcement Channel | Twitter | Instagram | NFTY Labs Access Passes | Newsletter

About NFTY Labs

NFTY Labs is a foundation focusing on the growth of NFT ecosystems by building open-sourced, community-based tools that will unlock inherent utility and value within NFTs. NFTY Lab’s goal is to create new applications that offer new utilities for NFTs, and we aim to do this by utilizing a core feature of all NFTs: ownership.

Website | Medium | Discord | Telegram Chat | Telegram Announcement Channel | Twitter | Instagram | NFTY Labs Access Passes | Newsletter

About NFTY Labs

NFTY Labs is a foundation focusing on the growth of NFT ecosystems by building open-sourced, community-based tools that will unlock inherent utility and value within NFTs. NFTY Lab’s goal is to create new applications that offer new utilities for NFTs, and we aim to do this by utilizing a core feature of all NFTs: ownership.

Website | Medium | Discord | Telegram Chat | Telegram Announcement Channel | Twitter | Instagram | NFTY Labs Access Passes | Newsletter

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