Author: instant-news

With the ‘Virtual Asset User Protection Act‘ set to take effect on July 19, the Financial Services Commission (FSC) has issued new guidelines detailing when non-fungible tokens (NFTs) should be considered virtual assets. Under the new guidelines, general NFTs traded for content collection purposes will remain outside the scope of virtual assets. However, NFTs exhibiting characteristics akin to virtual assets will be subject to the same regulations. Businesses issuing such NFTs must report their operations to authorities as virtual asset businesses, local outlet News1 reported earlier today. What Qualifies NFT As Virtual Asset? Key criteria for NFTs to be classified as virtual…

At Consensus 2024 in Austin, Texas, Cryptonews’s Matt Zahab sat down with Justin Melillo, CEO and founder of Mona, for an in-depth discussion about the platform’s mission, its support for creators, recent achievements, and future trends in the digital art space, especially the metaverse. Mona was Founded in 2021; it is a platform designed to accelerate the growth of the open metaverse. It provides tools and protocols that enable creators and developers to thrive. Melillo, who has a rich background in 3D animation and visual effects, created Mona to address the lack of support for 3D artists’ tokenization and sharing of their work. Mona’s Mission…

Several South Korean retailers including Lotte and Hyundai are shutting down their non-fungible token (NFT) operations “one after the other” in a major blow to the sector. Per Herald Kyungjae, Lotte Home Shopping, the e-commerce arm of the retail giant Lotte, is closing down its NFT trading platform. Large South Korean Retailers Close Door on NFTs Lotte launched the NFT Shop platform just over two years ago, in May 2022. The firm announced on June 12, that it will end its NFT shop “services” on July 2. Customers could access the trading platform via the Lotte Home Shopping mobile app. The…

Konami Digital Entertainment, the renowned Japanese game developer and publisher, has joined forces with the Avalanche blockchain to introduce a new non-fungible token (NFT) solution called “Resella.” This collaboration aims to revolutionize Web3 services by offering a streamlined platform for companies and organizations seeking to incorporate blockchain technology into their operations, according to a report from Venture Beat. The Resella NFT platform is designed to simplify the entire process of creating, issuing, and trading NFTs. It aims to eliminate the complexities associated with external Web3 wallets and intricate cryptocurrency transactions, making it more accessible for newcomers to engage with blockchain technology.…

Well-known non-fungible token (NFT) collector Pranksy has voiced optimism about the future of NFTs, countering a growing narrative of their decline. Pranksy, an early NFT investor who has built a large following and collection, asked his X followers in a recent post about the last time they purchased an NFT. The post has received nearly 118k views and more than 500 replies, prompting Pranksy to state that the NFT space is still living and breathing. “500 genuine replies, there is life in the old girl yet,” he wrote in reply to the initial post, implying that the NFT space is…

Swarm, the Berlin-based RWA platform founded by innovator Timo Lehes, is revolutionizing the non-fungible token (NFT) space with its brand-new gold-backed product ahead of the European Union’s new MiCA regulation. Swarm Users Have More Control Over Assets With Gold-Backed NFT, CEO Says Swarm’s latest venture will allow customers to buy a real-world asset backed by a gold bar linked to its own unique NFT. The new initiative by the German company could be promising for those interested in having greater control over their assets as the world faces increased fragility and violence. “We’re so used to having balances on banks, brokerage…

Web3 domain names and digital identity provider Unstoppable Domains has announced an integration with the popular Pudgy Penguins NFT collection, allowing users to use their .pudgy domain names to access Pudgy World. According to the press release shared with Cryptonews, “this feature marks a significant step forward in virtual world accessibility and user experience by enabling single sign-on capabilities via a user-owned custom digital identity.” The benefits of the integration include simplified access and adding a layer of ownership to users’ Pudgy World experience Therefore, users are not restricted to signing in using their traditional passwords and Web2 credentials via Google or Apple. Instead, they can use their personalized…

Spot Bitcoin exchange-traded funds (ETFs) saw $129.45 million in daily net inflows on Monday, marking the fifth consecutive day of positive flows for these funds. The tally also marks the highest level of fund intake since June 7, according to data from SosoValue. Leading the inflows on Monday was Fidelity’s FBTC, which attracted $65 million in investments. Bitwise’s BITB followed closely with $41 million in net inflows, while Ark Invest and 21Shares’ ARKB reported $13 million in net inflows. Invesco, Galaxy Digital, VanEck, and Franklin Templeton also saw relatively minor inflows, ranging from around $5 million to below $5 million. However, the two largest…

The Financial Conduct Authority (FCA) has witnessed an increasing number of crypto firms achieving registration, with a total of 44 firms currently registered under the money laundering regulations. Steve Smart, the joint executive director of enforcement and market oversight, said during a recent event that the FCA has served as both a regulator and a law enforcement agency in countering financial crime. “We must stay a step ahead of the criminals, whether it is to pre-empt the way they use new technology such as AI and deep fakes or whether it is to work together with the firms we regulate, to ensure…

The approval of spot Solana exchange-traded funds (ETFs) in the United States has the potential to drive the price of SOL up 9x, according to crypto market maker GSR Markets. In a recent report released on June 27, GSR Markets identified Solana as one of “crypto’s big three” and examined the likelihood of Solana becoming the next spot cryptocurrency ETF to receive regulatory approval in the US. The report coincided with VanEck’s filing to launch a spot Solana ETF, which took many by surprise. Spot Solana ETFs Could Attract 14% of Bitcoin ETF Flows GSR, which holds a long position on SOL, arrived at…