Texas, Alabama Securities Regulators Block Sales of ‘Metaverse’ Casino NFTs
Cyprus-based Sand Vegas Casino Club, not to be confused with Sheldon Adelson’s Las Vegas Sands (LVS), has been ordered by securities regulators in two U.S. states to stop selling non-fungible tokens that promise a cut of profits from casinos on metaverse platforms.
Sand Vegas Casino Club is using part of the proceeds from the 11,100 “Gambler” NFTs to purchase land in Decentraland and The Sandbox.Holders of the NFT can participate in profit-sharing from the operations. The team forecasted proceeds of up to $24,480 from the “Gambler” NFTs and up to $81,000 per year from the higher-end “Golden Gambler” NFTs.
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