“SEC’s Scrutiny Targets The Sandbox and Decentraland”

Web3 Metaverse Platforms Caught in SEC’s Crosshairs

The Securities and Exchange Commission (SEC) has announced lawsuits against Binance and Coinbase claiming that both the MANA and SAND tokens are securities. The Sandbox and Decentraland saw huge speculative interest in 2021, with some plots in each metaverse selling for millions of dollars. However, The Sandbox’s COO, Sebastien Borget, seems to have shrugged off the SEC’s classification saying that the complaint doesn’t affect the company’s daily operations. While Decentraland has not issued an official statement on the SEC’s claims, both platforms are already seeing plummeting token values with huge delisting threats as a result.

Web3 Gaming Continues Strong Amid Slowing NFT Market

Although the NFT market fell below $1 billion for the first time this year, the Web3 gaming sector has stayed buoyant according to a recent report by DappRadar. It found that on-chain gaming charts saw a 6% rise in May, making up 36% of all activity.

Kraken Launches Its NFT Marketplace

After several months of beta testing, Kraken has launched its NFT marketplace. The new platform will not charge gas fees for buying or selling NFTs and has expanded its offerings to 250 collections from the 70 originally promised. Kraken claims to offer thousands of NFTs for less than $100.

Louis Vuitton Releases Its First NFT Trunk

Louis Vuitton’s first NFT trunk collection Via Treasure Trunks has been released (at $39,000 per trunk). “Via Treasure Trunks” offers access to several Louis Vuitton products and events throughout the year.

Puma Announces Plan for NFT Sneaker Collaboration

Puma is launching an NFT sneaker collaboration with NBA player LaMelo Ball and NFT project Gutter Cat Gang. GutterMelo MB.03 digital sneakers will go on sale on OpenSea and will be redeemable for a physical version from July 18 to August 20th.