Alabama, Texas Regulators Take Aim At Sand Vegas Casino NFTs
Alabama and Texas regulators want to stop selling NFTs to support the construction of the Sand Vegas Casino Club. How the situation plays out could impact the novel world of gambling in the metaverse moving forward.
Alabama Securities Commission sent a cease-and-desist letter to Sand Vegas Casino and its co-founders. The Commission accuses them of illegally selling securities without a license. They are selling NFTs as an investment stake in the casino. NTF buyers are promised a share in half of the profits.
Metaverse casinos operate on cryptocurrencies instead of US dollars. They are heavily regulated in states where they operate legally. They do not have the integration of digital avatars to the same extent as traditional casinos.
The federal and state governments are still trying to decide how they will treat NFTs. It could be years before they are ready to tackle the concept of metaverse casinos.