- The simultaneous issuance of a cease-and-desist order against Slotie’s NFT sales by four state enforcement agencies from several US states.
- It is predicted that the metaverse casino Slotie will provide two NFT collections of access, staking incentives, revenue shares from its games and lotteries, and native token WATT.
- State securities regulators from Texas, Kentucky, New Jersey, and Alabama demanded that Slotie halt.
Four state enforcement agencies from different states in the US have simultaneously issued cease and desist orders to a metaverse casino after determining that the company’s nonfungible tokens (NFTs) are unregistered securities.
The metaverse casino Slotie is believed to be offering access to the metaverse casino, staking rewards, income share from its games, lotteries, and native token WATT over two NFT collections. Regulators don’t seem to be happy with the platform’s promotion of NFTs or its purported lack of securities registration, though.
Texas, Kentucky, New Jersey, and Alabama state securities regulators asked Slotie to stop. In response to the platform’s lack of state registration and usage of NFTs to market unregistered securities, and ceased operations on October 20.
In the alleged behavior, Slotie is accused of issuing 10,000 NFTs that resemble stocks and other types of equities. based on a report released on October 20 by the Texas State Securities Board. The Slotie NFTs allegedly give investors ownership rights in the casinos and the opportunity to passively share in the casinos’ profits, according to the statement.
NFTs and cryptocurrency have been declining for some time. Although it appeared that the non-fungible token frenzy had peaked, complete coin crashes like those that occurred with TerraUSD and Luna did not help. However, not all participants have left the NFT and cryptocurrency scenes. Despite layoffs, there is still a vibrant community on marketplaces like OpenSea, and GameStop is still committed to its NFT platform, which opened in beta 2022.
However, it appears that Slotie will ultimately be put through the legal ringer. The metaverse NFT gambling industry may not be in operation for very long because of the numerous cease-and-desist orders that are currently in effect. As we follow this story, be sure to check back for more updates.
Along with earlier this year’s similar cease and desist orders against Web3 gambling initiatives Flamingo Casino Club and the Sand Vegas Casino Club, state enforcement agencies in the United States is now pushing back.