12/22/2023 0 Comments Online virtual casino coins violationIn the late 1990s and early 2000s, in-game economies began to reach outside the screen. The 1986 Nintendo game The Legend of Zelda saw protagonist Link collecting gem-like “Rupees” during the course of his adventures, which he could then use to purchase new weapons and items at “shops” throughout the game. Video games have long since given rise to evolving virtual economies. Virtual Currency and the Real-World Economy While NFTs present new opportunities for gaming companies, the rapid application of blockchain products should not come at the expense of potential liability under federal and state gambling laws. Part II in our series highlights newly developing applications of Utility NFTs in the online gaming space, with a focus on potential pitfalls to avoid in implementing blockchain technology in this area. We also introduced the concept of Utility NFTs, which are NFTs that serve some function beyond their value as collectibles. In the first article of this series, we covered the basics of non-fungible tokens (“NFTs”)-unique virtual items recorded with immutable characteristics on the blockchain.
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