The Sandbox and Decentraland are caught in the SEC’s crosshairs

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    Welcome to this week’s metaverse. luck We round up the most interesting news in the world of NFTs, culture and the metaverse. e-mail with hints.

    Sandbox and Decentraland were two pioneers of Web3. During the digital landrush of 2021, speculators were paying hundreds of thousands of dollars for land in each metaverse. As a conspicuous Bought $4.3 million in Sandbox By Republic Realm (now Everyrealm) or 2 million dollar bargain in Decentraland.

    The respective cryptocurrencies SAND and MANA also soared. In November 2021, SAND reached a high of around $8.44 and MANA hit a high of $5.90. On Friday, the tokens were trading at 48 cents and 41 cents respectively, down more than 90%, according to the report. coin market cap.

    The SEC said this week: Lawsuit against Binance and Coinbase Both SAND and MANA tokens are securities, which does not bode well for either platform.

    The Sandbox Chief Operating Officer Sebastian Borje on Wednesday appeared to dismiss Sandbox’s classification as a security and said the complaint did not change the company’s routine. Decryption reported.

    “We are aware of the lawsuit against coin base And we disagree with many of their characterizations,” Sandbox said in a statement. luck. “We hope this will ultimately lead to a clearer understanding of cryptocurrencies in the United States.”

    Decentraland has not issued a public statement on the SEC’s allegations and did not respond to my request for comment.

    The lawsuit may take years to unfold, but the SEC’s allegations are a setback for the Web3 industry, which has already suffered from slowing momentum.Robin Hood already said no longer supported Three of the cryptocurrencies mentioned in the complaint are Cardano, Polygon and Solana.

    SAND and MANA are the lifeblood of the in-game economy that differentiates the platforms, so their delisting from exchanges could have a further negative impact on businesses in the virtual world.

    Web3 games overview

    Last month, the NFT market dropped below $1 billion in monthly trading volume for the first time this year, but Web3 games are doing well. Report from DappRadar.

    The blockchain analytics firm reported a 6% increase in on-chain gaming activity in May in its latest blockchain gaming report. And games still make up 36% of his total activity, even though on-chain transactions are down overall.

    in other news

    cryptocurrency exchange Kraken After months of beta testing, we have released the final version of the NFT Marketplace. The new marketplace charges no gas fees for buying and selling on the platform and has expanded its collection offering from the originally promised 70 to 250.The company claims there are thousands NFTs Available for under $100.

    Louis Vuitton Released the first NFT trunk. The collection contains digital trunks called “hundreds”.Via Treasure Trunk” or Cost $39,000 each. These are available in the US, Canada, France, UK, Germany, Japan, and Australia.Trunk purchasers will have access to future content Louis Vuitton We introduce products and events throughout the year.

    Louis Vuitton releases NFT interlocking trunk.

    Puma Planning NFT sneaker collaboration with NBA players lamelo ball and NFT project gutter cat gang, Decryption reported. The GutterMelo MB.03 digital sneaker launches on his June 29th retail price of around $175. high seas. NFT purchasers can redeem their NFTs for physical versions from July 18th to August 20th.

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