Technology, Media & Telecommunications

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

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.

In a class-action suit, customers stated that these digital assets were unregistered securities being sold to defraud customers because GAW did not have the physical equipment they purported to sell. Ultimately, the jury found that the products were not unregistered securities, despite contrary findings by the SEC in a related action.

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.

This article discusses how cryptocurrency and blockchain technology are potentially disruptive technologies for the online gambling industry.

Non-Fungible Tokens, known as NFTs, recently made headlines with sales of individual tokens valued at millions of dollars, comparable to sales of fine art.  Christie’s– a “conventional” auction house – sold its first NFT, the piece “Everydays: The First 5,000 Days” by the artist Beeple – for a staggering $69 million.