“Slotie NFT,” a metaverse casino project, is getting criticized for selling NFTs backed by securities.

“Slotie,” a metaverse casino project, is getting criticized for selling NFTs backed by securities.

Home » “Slotie NFT,” a metaverse casino project, is getting criticized for selling NFTs backed by securities.

“Slotie,” a metaverse casino project, is getting criticized for selling NFTs backed by securities.

State financial regulators in Texas, Kentucky, New Jersey, and Alabama have taken action against Slotie NFT on behalf of all four states.

Slotie NFT

Financial regulators think that the Slotie NFTs in the picture are securitized tokens that let buyers share in the profits of the casino without doing anything. The business, which is in Georgia in eastern Europe, sells non-fungible tokens (NFTs) that give investors ownership stakes in online casinos and the ability to passively share in their profits. In fact, They think that Slotie NFTs sells unregulated securities.

Moreover, NFTs are tokens based on the blockchain. They can show who owns a virtual item, like a sports card or a piece of art. NFTs can’t be edited, thrown away, or copied. NFT laws don’t come up very often, and crypto-asset laws may apply. The US Securities and Exchange Commission is looking into NFTs, but it hasn’t called them securities yet.

Putting an end to a job

According to the state regulators, Slotie must stop selling NFTs right away. The decree says that the business has sold 10,000 tokens. The officials said that they did this without giving buyers important information like the business address, phone numbers, and email addresses of the company’s founders. Slotie also hides its income, assets, debts, and other financial information.

“The newest metaverse investment products, called NFTs, often have big risks that aren’t made clear,” said Joe Rotunda, chairman of the Texas State Securities Board. “You can go bankrupt if you put money into virtual reality.” In addition to that, the state has told Slotie to stop selling NFTs to investors until the security is officially registered. Moreover, If they don’t follow the rules, they’ll have to pay a fine.

The government warned people not to invest in schemes that had to do with the metaverse. “Blockchain technology, digital assets, and metaverses are all popular, but scammers are taking advantage.”

What you did in the past

In fact, State regulators have taken action in the past against metaverse casinos that sold securitized NFTs. Martin Schwarzberger and Finn Ruben Warnke, who started the Sands Vegas Casino Club, were told to stop in July. To pay for the online casino, the two sold NFTs. “Creator earnings” were future profits that were promised to the buyers. Soon after, The offering was called “an illegal and fraudulent securities scheme” by the Texas State Securities Board.

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