Technology, Media & Telecommunications

It is no secret that gaming companies have been increasingly keen to integrate or express enthusiasm for blockchain technology.

Game developers have been increasingly integrating cryptocurrency and Non-Fungible Tokens (NFTs) within their games hoping these digital assets will increase their games’ longevity with an expanded content offering. But, early feedback suggests these features risk fan-blowback so developers are advised to proceed deliberately.

The Marshall Islands passed an amended Non-Profit Entities Act 2021, allowing any DAO to register and begin operations in the country.

Polymarket will wind down existing contracts and pay $1.4 million to settle U.S. regulators’ allegations it offered illegal trading.

Videogame industry leaders have been optimistic about the endless possibilities of the metaverse, Non-Fungible Tokens (NFTs), and blockchain technology despite relatively recent developments.

As we discussed in our prior post, Blockchain and Cryptocurrency: The Future of Online Gambling?, the blockchain technology offers the online gambling industry security, privacy, efficiency, and cost-effectiveness. While some online casinos have authorized cryptocurrency payments, others have gone further by building platforms entirely on the blockchain.

Concerns regarding the application of securities laws, such as those banning “wash trading,” are increasing given the popularity of Non-Fungible Tokens (NFTs) and cryptocurrency transactions, and Chairman Gensler’s recent remarks on the regulation of these assets.

Decentralized Autonomous Organizations (DAOs) are one of many white-hot blockchain topics promising to bring a blockchain-based method for managing any organization in a decentralized automated way. Adding to the intrigue, DAOs are often associated with the creation of a proprietary blockchain token. This is a first in a series of articles exploring the business and legal ramifications of these intriguing new organizations.

Jack Fonss and his consulting company, True Return Systems LLC, are auctioning U.S. Patent No. 10,025,797 (‘797) on the NFT marketplace OpenSea. Bidding for the patent, which is believed to be the first auctioned as a non-fungible token (NFT), starts around USD $7.5 million.

Steam, the world’s largest gaming platform, quietly banned the use of blockchain games and NFTs on its platform on October 15, 2021. Steam’s decision raises new questions about the ramifications of NFTs for videogame companies. 

Increasingly, more and more money is spent on virtual items in the virtual worlds of videogames.