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Class-Action Lawsuit Filed Against Solana

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An investor has filed a lawsuit against several key individuals in the Solana ecosystem on the grounds that they made profits from SOL at the expense of other investors.

An investor has filed a lawsuit in a federal court in California against Solana Labs, the organization that is responsible for the Solana blockchain, as well as several other key players in the Solana ecosystem. The investor claims that the defendants have been illegally profiting from SOL, which is the native token of the Solana blockchain.

Allegations Leveled Against Solana Labs Include Breach of Securities Law and Highly Centralized Operations

The primary parties involved in the Solana ecosystem are accused of breaking securities law by releasing unregistered securities in a class-action lawsuit that was submitted to a federal court in California. According to the complaint, SOL is a highly centralized cryptocurrency that has been to the advantage of the company’s executives at the expense of outside investors. The complaint states that:

“The cornerstone of the value of SOL securities is the sum of Solana Labs, Solana Foundation, and Yakovenko’s management and implementation of the Solana blockchain. They created the Solana blockchain network and all of the SOL securities in circulation, and likewise determined who would receive SOL securities and under what conditions.”

The lawsuit was initiated by a California resident by the name of Mark Young, and it names as defendants Solana Labs, the Solana Foundation, Solana co-founder Anatoly Yakovenko, crypto VC giant Multicoin Capital, Multicoin Capital co-founder Kyle Samani, and trading desk FalconX. Mark Young is also a defendant in the lawsuit. Young asserts that he acquired SOL between the months of August and September of 2021.

Young stated in the complaint that the manner in which SOL was created and sold satisfies the three principles of the Howey Test. The Howey Test is a case that is used by the United States Supreme Court to determine whether a transaction qualifies as an “investment contract.” If it does, then the transaction would be considered a security and would be subject to disclosure and registration. According to the filing,

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“Purchasers who bought SOL securities have invested money or given valuable services to a common enterprise, Solana. These purchasers have a reasonable expectation of profit based upon the efforts of the promoters, Solana Labs and the Solana Foundation, to build a blockchain network that will rival Bitcoin and Ethereum and become the accepted framework for transactions on the blockchain.”

The legal firm Roche Freedman stated in an accompanying press statement that Young’s claims are pursued as a class action on behalf of Young and other SOL investors who purchased the coin after March 24, 2020. In addition, the company has initiated legal action against Binance.US, accusing the cryptocurrency exchange of deceiving investors following the collapse of the Terra ecosystem.

The Debate Over Whether or Not Solana Should Be Decentralized

In contrast to the statements made by Solana Labs, Young asserted that the Solana network is “very centralized.” Solana Labs stated that the network is decentralized. According to his assertions, company insiders controlled 48 percent of the SOL supply as of May 2021.

In the complaint, he also mentioned how “devastating” the interruptions caused by Solana were. According to the reports, Solana was taken offline for the seventh time in the month of May. Prior to this, the network experienced an outage that lasted for five hours in December of 2020 and an outage that lasted for eighteen hours in September of 2021. In the beginning of January, it was also the target of a DDOS attack.

After an outage, the team would typically have to upgrade the network and then restart it in order to fix the problem. Even before the complaint was lodged, this caused some members of the cryptocurrency community were wary about the decentralized nature of the project.

The outcome of the class-action lawsuit is still up in the air at this point. However, it is important to note that the securities violation charges are comparable to those that a large number of other cryptocurrency companies have been confronted with over the past several years, particularly the one that Ripple has been having trouble with.

The SEC filed a lawsuit against Ripple in December 2020 over allegations that the business, its CEO Brad Garlinghouse, and its executive chairman Chris Larsen engaged in unlawfully marketing securities by selling XRP. Ripple, on the other hand, contends that XRP ought to be regarded more like a virtual currency and less like a contractual obligation.

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Emergents TCG Bursts Onto The Trading Card Scene With Super Rare NFTs

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TCG

Today marks the public beta launch of Emergents TCG, the next great trading card game, and there are many reasons for excitement among fans of the genre. The cards themselves have great visual art from some of the best creators in the InterPop comic book universe, and the game introduces an entirely new economic model to the digital trading card game market.

The Nine, Emergents Presents, #ZOEMG, The Abyss, and The Rejects are just a few of the well-known InterPops comic book series that serve as the inspiration for the Emergents TCG, a distinctive digital trading card game that runs on the Tezos blockchain. With the help of non-fungible tokens, or NFTs, which serve as each card’s representation, it allows players to really possess their cards.

A set of “free” cards may be obtained for the game, which has been in development since 2018, and players can enhance their decks by buying more cards each week.

Similar games have previously surfaced on the blockchain, thus the premise is not wholly novel. However, Emergents TCG stands apart due to its stated user-friendliness. Users won’t have to build a digital wallet or understand how it functions. Since Emergents will accept payment in both fiat currency and XTZ, the native token of the Tezos blockchain, they won’t even need to purchase cryptocurrency.

The key distinction between this game and others like Magic: The Gathering and Pokemon is that it will exist entirely online. Players will be able to purchase and sell cards on several NFT marketplaces, which will keep trading a major part of the game. Of course, some will be far rarer and more valuable than others, which will heighten the excitement.

For instance, Emergents TCG has already released a number of extremely exclusive cards through its Super Booster packs, which are currently for sale in conjunction with the start of the game’s public beta. These packs are rumored to include at least 6 NFT cards, all of varied rarities. Customers are promised at least 4 Super-Booster Exclusive NFT Cards and at least 1 Rare Super Booster Exclusive NFT card. A Player Avatar NFT and a digital NFT comic book that can be read on the InterPop Comics website will also be provided.

A Rare Super Booster pack, which costs more, comes with two player avatars, comic books, at least one Epic Super Booster Exclusive NFT Card, and maybe three Rare Super Booster Exclusive NFT Cards. There are also only eight Epic Super Booster packs being sold via auction, each of which is guaranteed to contain an original Scot Kolins Comic Art NFT that can be exchanged for a physical comic book and at least one first-minted, edition-of-one Super Booster Exclusive NFT card (these will be incredibly rare). Each of these NFTs stands in for a particular, real-world piece of Scott Kolins art from Interpop’s comic book series, and it may be exchanged for the IRL art, which will then be given to the user who did the exchange.

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Additionally, every NFT card included in the Super Booster packs will have unique artwork not included in any of the already available normal Emergents TCG card packs. The packs are open and the cards are available for play as soon as players take possession of them.

Corey Burkhart, a professional trader, compared playing Emergents TCG to putting together a puzzle when players are missing some of the required components. As a result, they will have to put in a lot of effort to continue collecting the necessary components.

The individual puzzle components are made up by the cards as you construct them, but as you soon realize, there is more than one way to solve the game, according to Brukhart. “It’s a never-ending learning experience, questioning what you believe to be true and what you anticipate, and developing both the player and the game they are creating. And with Emergents, we’re accomplishing just that. We have questioned the way a turn currently operates.

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NFT Tools: Sniping

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Freshdrops

NFT tools are a necessary aid to the digital investor buying bits and bytes. The newest financial opportunity in the 21st century is digital investing. NFTs are an integral part of this new phenomenon. When NFTs are actively trading in the secondary market, oftentimes a holder doesn’t recognize its true value. The holder may offer a particular item at a price below the market value because the owner may not know how special or how rare their item is. We’ve discussed tools that measure rarity or the uniqueness of items within an NFT collection. Those tools focused on NFT collectables in the primary market or before and when they initially came to the secondary marketplace.

The secondary NFT market is full of opportunities across thousands of NFT collections not exclusively limited to new arrivals to the markets as the previous rarity evaluators discussed earlier. Therefore we need tools that have a much larger scope or area that can be monitored effectively. What the digital investor would like to achieve is the ability to recognize undervalued NFTs based on their rarity and unique features quickly. The digital trader desires to have the ability to pick that seller off as a sniper does from a high ground  sight advantage. Nothing personal, it’s just business. This scenario occurs often enough where tools have been created to recognize this and assist you in reacting to a potentially profitable NFT trading opportunity.

The scope for our sniping exercise is continually focused on rare NFTs. Rare NFTs being offered below their respective market value within a particular collection is the primary focus. This is being done with dazzling speed over a vast area of the NFT secondary market. Freshdrops.io has created an algorithm specific to the task at hand. Immediately from the dashboard digital investors can pull up NFT collections and the application will rank the individual pieces according to their rarity. Raritytools has limitations compared to freshdrops whereas rarity tools does receive compensation from NFT marketers and does not rely strictly on the trading data available.

Freshdrops on the other hand is continually updating their database every 15 minutes. This constant updating feature is the key to being up to date with the ranking of NFT pieces within their respective collections. If a holder is offering a rare NFT at the collections floor price an informed and funded digital trader can snipe that offering and hopefully flip it at a higher value. Well, at least that is the objective. Freshdrops also gives the NFT trader the ability to evaluate the rarity of their own pieces of digital artwork. If the trader is well aware of the uniqueness of their piece of digital creativity, they can ensure that they do not offer the item at a price where they won’t benefit from its exclusive characteristics. Pricing is at the top of the list for priorities when trading NFTs. Understanding value runs right alongside.

In order to gain access to the information on freshdrops you will need to buy their NFT pass. It’s not cheap but the potential advantages of sniping off unwary sellers outweighs the cost. Currently access to fresh drop’s data is available at a cost of ETH 0.185 ($349.88). Paying for their service gives you access to all of these great features:

 

Instant Rarity: Members know the rarity and ranking of a collection as soon as it comes out. In the limited version, you can only see a collection after a certain amount of time has passed.

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Alternate Rankings: It’s important to be able to see how things are ranked in different ways when figuring out risk. It’s not known what a collection’s “official” rankings are until they announce them, and it’s good to know how those rankings will affect your NFTs.

 

Real-Time Listings and Trades – In the limited version, the feeds for listings and trades are delayed.

 

Trait Floor Gaps: Do you want to buy an NFT that is worth more than what you paid for it right away? The trait floor gaps will find arbitrage opportunities that are just right.

 

Auto-Buy: Choose what you want to buy and set the parameters, then shrink the page. Auto-buy will keep an eye on the collection and buy what you want for you. This also works for collections that have just been shown.

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Pre-Set Gas: If you set your gas before that NFT that just came out, you have the best chance of getting it. You don’t have to mess around with your wallet’s gas settings after sending the transaction and risk missing out.

 

Refresh Collection: Click the “Refresh” button below to automatically add new tokens to your collection without having to ask for help.

 

Reveal Alerts let you know when a reveal is about to start, so you can start sniping in seconds.

 

Mass Bidding: Once you’ve found what you want, make offers as fast as you can say “NFT”

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Full Screen – Get the most out of freshdrops by being fully immersed in the reveal.

 

There are a total of 501 pieces in the freshdrops collection; these are shared between 473 owners.

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NFT Games Have An Advantage Over ‘Money In, No Money Out’ Games In The Following Ways

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Games

As more of the publishers’ games are made accessible to be played on blockchain, new forms of non-traditional gaming (NFT) could emerge as an interesting and potentially lucrative business model for the industry.
The vice president of worldwide business development for gaming at Polygon, Urvit Goel, is of the opinion that traditional games that do not permit players to sell their in-game products have an inherent competitive disadvantage when compared to games that incorporate nonfungible tokens (NFTs).

In an interview that took place the week before last in Seoul, Goel was asked about Polygon’s efforts to assist in the spread of NFT games and the reasons why game companies in South Korea such as Neowiz and Nexon are swimming headfirst into the field. He answered these questions openly.

One of the most important points that Goel made was that the conventional business model, which non-fantasy trading card games are contending with, may be intrinsically inferior. Users generally purchase in-game products with real money when playing traditional video games, but they are unable to recoup any portion of the value of those items through the sale of those items.

On the other hand, players are able to buy products in the form of nonfungible tokens in the vast majority of games that fall under the gaming finance (GameFi) category, and then sell those items when they are finished playing the game. Goel alluded to the conventional business model as “money in, no money out,” and he underlined that players should be able to receive back at least a portion of the monetary value they invest in a game:

Simply said, we want to provide users with the option to actually own the content that they pay for. And if they decide to keep it, that’s terrific too; but if they decide to sell it, that’s fine too […] However, even if you only get a dime back out of it, that’s better than getting nothing at all, right?”

According to Goel, he has seen obvious indications that traditional game publishers are getting ready to make major pushes into GameFi, beginning with the gaming giant Nexon from South Korea, which is the owner of the MapleStory title. According to mmorpg, a media outlet that covers gaming news, the company made the announcement in June that it would release a version of its main title on-chain under the name MapleStory N.

Additionally, Polygon has collaborated with the South Korean company Neowiz to bring both new and pre-existing titles onto the blockchain.

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He made the observation that the entry of such major firms into the market is producing “a little bit of a domino effect” in order to “prove that they’re still inventive.” Goel made a sly allusion to the fact that the executives in charge of the large companies that are joining the blockchain arena must have a tremendous degree of faith in the technology; otherwise, they wouldn’t dress up their best games for GameFi.

“It is not necessary for these developers to join the blockchain in order to run profitable enterprises. They are already producing hundreds of millions of dollars in revenue, if not billions of dollars, through typical web teaming.

In a recent interview, ROK Capital’s Anthony Yoon noted that GameFi and cryptocurrency are a “natural fit” for publishers. Goel’s ideas regarding gaming and blockchain are consistent with what Yoon said in this interview.

In a related article, a game developer argues why blockchain technology should be “invisible” in player-to-player gaming: KBW 2022

The excitement that has been building up in both of the groups contributes to Goel’s belief that NFT gaming and GameFi have a very promising future. Despite the fact that he claimed he did not have any concrete evidence to back up his opinion, he is of the belief that a great number of people inside major communities who have “millions of followers” are thrilled about the new game goods that are being brought to their channels:

“Therefore, in my opinion, that data talks a great deal more loudly than an article produced by a journalist on the reasons why ‘X’ NFT’s will be beneficial.”

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