Solana NFT Announces It Will Not List NFTs That Act Like Securities After FTX Launches

Amid regulatory fears, exchange FTX US has announced it will no longer allow List NFTs to act like securities, and Solana NFT is in a rush to comply.

Solana’s Ecosytem NFT has grown rapidly over the past few months. It generated hundreds of millions of dollars in turnover as dozens of projects launched. Earlier this week, the FTX US exchange caused a stir with the launch of FTX NFTs, unlike other Solana NFT platforms.

FTX NFT is a centralized platform under US regulatory jurisdiction. This requires verifying your customer identity. And unlike the smaller Solana marketplaces that exist at Solanart – NFT Marketplace and DigitalEyes, FTX NFT does not list projects that reward holders with a share of the market’s sales in currency. digital

According to FTX Chairman Brett Harrison prior to the project’s launch, the fact that NFTs fund their share of the sale, which makes their holders earn income, makes those NFTs act like dividend securities. That puts those projects under potential regulatory risk through the US Securities and Exchange Commission (SEC).

Some projects and NFT collectors have pushed the concept of FTX US into the market and a new requirement or standard. Meanwhile, Meerkat Millionaires Country Club, a popular NFT project, will reportedly distribute $260,000 worth of SOL to its players. Hold NFTs refusing to change this distribution.

However, it appears that several Solana-based NFT projects that share sales to NFT holders have announced that they are either canceling or changing these plans, such as Turtles, Solarians, and Toasty Turts. has announced the same changes this week.

Turtles on Solana, a collection of 3,333 algorithmically generated NFT avatars, is one of the projects that changed plans this week. Instead of giving a share of the sale to NFT holders, the creators plan to develop with the funds generated to buy the lowest priced NFT and try to add value to the remaining owners.

Harrison said he has been in contact with creators about 10 projects that are changing to meet FTX US guidelines. The production team is unaware of the potential regulatory risks. And learning about them was the main reason for deciding to switch to a different model.”

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