SEC closes investigation into Yuga Labs, Trump applies for NFT marketplace trademark: Nifty Newsletter
Highlighted in this week’s newsletter, the US Securities and Exchange Commission (SEC) has concluded its investigation into the non-fungible token (NFT) company Yuga Labs. Additionally, a company associated with US President Donald Trump has filed trademarks for a metaverse and an NFT marketplace, while DraftKings plans to settle its NFT lawsuit for $10 million. In other news, Hamster Kombat has introduced a new layer-2 network to support Web3 gaming.
Yuga Labs’ SEC Investigation Dropped
Yuga Labs announced that the SEC has closed its investigation into the company after three years. The firm expressed that this decision is a victory for NFTs and creators as it propels the ecosystem forward, emphasizing that NFTs are not securities. The probe commenced in October 2022 under former SEC chair Gary Gensler to examine whether NFT assets could be considered securities.
Trump Company Trademarks for Metaverse and NFT Marketplace
DTTM Operations, a company owned by Trump, has filed trademarks for a Trump-branded metaverse and NFT marketplace. The filings describe a virtual world bearing the Trump name where users can engage in various activities and offers an NFT marketplace with content approved by the president.
DraftKings Settles NFT Lawsuit for $10M
DraftKings has agreed to pay $10 million to settle a class-action lawsuit filed by its NFT buyers. The settlement, if approved, will distribute the funds among the members of the class-action suit, bringing an end to the allegations that the company’s NFTs were unregistered securities.
Hamster Kombat Launches Layer-2 Network for Web3 Gaming
Hamster Kombat has introduced a new layer-2 blockchain called the Hamster Network to support Web3 games and decentralized applications. The network, based on The Open Network (TON), will enable developers to deploy games completely onchain, allowing for the inclusion of entire game logic within smart contracts.
Thank you for reading this summary of key developments in the NFT space this week. Check back next Wednesday for more updates and insights into this rapidly evolving industry.
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