Here are some of the major developments from the world of crypto over the past few days
Play-for-Gold Web3.0 game Golden Egg Wonderland has received a beta update with tons of new features and a comprehensive non-fungible token (NFT) economy. A significant upgrade to the game added new gameplay elements, in-game characters, and a mechanism for trading ‘Golden Egg’ NFTs for actual golden eggs.
The Golden Egg Wonderland game allows players to capture and raise birds in order to obtain and hatch NFT eggs. The beta version for the Web 3.0 game released recently includes many new features and in-game characters as well as information on how to convert the Golden Egg NFT into actual gold.
Web3.0 gaming has grown to be one of the Blockchain ecosystem’s most well-liked subsectors, serving as a platform for the spread of other Blockchain-based technologies, including NFTs and decentralised finance (DeFi). The Web 3.0 gaming industry, which accounts for more than one-third of all Blockchain activity, has produced a number of intriguing innovations in recent years.
Play-to-earn (P2E), where players can accumulate in-game tokens and NFTs that have real-world worth, has emerged as the most popular trend in Web 3.0 gaming. P2E gaming has seen numerous modifications over the years, and the new play-for-gold (P4G) strategy takes Web 3.0 gaming outside of the digital realm.
Former OpenSea product manager Nathaniel Chastain has been handed a three-month prison term for money laundering and wire fraud connected to insider trading on the platform.
According to a statement released by the US Department of Justice on August 22, 2022, Chastain was given a sentence of three months in jail, three months of home detention, and three years of probation in addition to being required to pay a $50,000 fine and forfeit any ill-gotten Ether obtained through NFT trades.
Chastain would have to turn himself in on November 2. His attorneys, however, intend to file an appeal and ask for bail, according to Inner City Press.
Crypto-focused lawyer Jeremy McLaughlin has said that the US digital asset industry may re-ignite as the country’s securities regulator, the Securities and Exchange Commission (SEC), racks up court losses.
After multiple verdicts this year saw judges “rein in the SEC”, McLaughlin, a digital asset lawyer from K&L Gates said there are expectations that the US might witness a fresh crypto renaissance.
On August 31, 2023, Jeremy McLaughlin, a partner at the international law firm, pointed out that numerous US court rulings have rejected claims made by Gary Gensler, the chair of the SEC that practically all digital assets are securities.
McLaughlin, Effie Dimitropoulos, CEO of Novatti Group, and King Leung, the head of Invest Hong Kong’s fintech division, were panellists on a panel at Intersekt23 in Melbourne in Australia.
He claimed that prior to the involvement of the SEC and the Commodity Futures Trading Commission (CFTC), early cryptocurrency regulation was carried out at the state level and it was “pretty clear what one needed to do.” However, with their involvement, “a lot of the market started to close up”.
Now, because of the SEC's continued aggressiveness, “people delisted tokens, and some companies pulled out of the United States,” McLaughlin added.