12/08/2022 New EU Law Will Regulate NFT Collections Like Cryptocurrencies

On August 2,during a panel at Korea Blockchain Week, European Union (EU) Advisor Peter Kerstens offered new insights intothe EU’s attemptsto create broad regulatory measures in the crypto and NFT spaces. According to Kerstens, under the Markets in Crypto-Assets (MiCA) law, NFT collections will receive the same treatment as cryptocurrencies,CoinDeskreports.

With this new classification, EU citizens hoping to put an NFT collection up for sale will fall under the umbrella of crypto-asset service providers (CASPs), and will need to receive express authorization from the EU before offering up their services (or wares) to the public. Via these measures, the EU hopes to “protect investors and preserve financial stability, while allowing innovation and fostering the attractiveness of the crypto-asset sector,” according toa press release. This process is expected to take anywhere from one to three months, with larger CASPs subject to reports on their activities regularly submitted to the European Securities and Markets Authority (ESMA) by their local governments.

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Through this aggressive stance on NFTs, the EU also hopes to curtail instances upon which crypto assets are used for money laundering and other illicit purposes. As part of this new classification, the EU will require anyone launching an NFT collection within its jurisdiction to submit a white paper on the NFT’s protocol. Kerstens also made it clear that over-the-top promises on the future value of any given NFT project are explicitly forbidden, according toCoinDesk’sreport. Through these measures, the EU hopes to lay the foundation for holding would-berug pullerslegally accountable for their actions.

On the other side of the pond,the U.S.’ effortsin regulating the crypto and NFT spaces have largely centered on bad faith actors using emerging blockchain technologies as means to commit white-collar crime at scale. Withformer CoinbaseandOpenSea employeesrecently charged with insider trading, much of these first steps in regulating Web3 in the U.S. have come down to the development of specialized cybercrime divisions in institutions such as the IRS and FBI.

With both parties slowly making headway in regulating the historically-lawless world of NFTs and crypto, it remains to be seen which strategy will pan out more effectively in the long term.

Arts

https://nftnow.com/news/new-eu-law-will-regulate-nft-collections-like-cryptocurrencies/

Interesting NFTs
Gunky's Uprising
Gunky's Uprising by SSX3LAU Slimesunday and 3LAU team up once again under their alias SSX3LAU for a collection featuring their first exploration into color. TBD is a full length music video featuring an unreleased song from 3LAU and Slimesunday\u2019s mesmerizing animation. In a first for the artists, TBD\u2019s collector will have the opportunity to name the song (some restrictions apply).
Alex in Wonderland
A figure, Alex, stands mostly naked in the midst of a physical and psychological maelstrom. He is clad only in nostalgic 80’s era socks, on a tenuous island between active waters and a variety of shark denizens. Sharks on the right side of the image are all beached, including a shark with a quartz crystal snout, an orange shark wrapped in a life buoy, and a shark further in the distance wearing an 80’s style shirt with the number “88”. On the left side is the largest shark, wearing bright glossy red lipstick and brandishing prominent teeth with braces. She is cordoned off from the figure by a roped float divider, and within her thought bubble is a warning symbol. Behind the figure, hovering in the air, are Grey aliens emerging from the distance, out of a series of elliptical UFO shaped interdimensional membranes. The Greys take on the visual form of spermazoa ostensibly impregnating the interdimensional thresholds. As is typical, these Greys inhabit a zone just behind the unconscious topology of Alex’s dissociative mind. Though Alex’s bottom half is representative, his top half mutates into a psychological cornucopia. In a manner akin to “Auto-Erotic Sphinx”, a predecessor work, the figure has self suctioned—an act of sensual infatuation, enjoyment, and exploration. Upward exists the figure’s primary conscious eye, adorned with a revolutionary beret emblazoned with a Bitcoin badge. The figure’s summit features the nose of a fighter jet facing off against video game Bullet Bills, one of whom is marked by a communist North Korean star. A cropped section of a UFO observes the contest. Alex’s mind branches both left and right. To the left is more singular embodied consciousness, manifesting two eyes and a Ganesh trunk grasping crayons. The right branch dissociates upward diagonally, emerging into an array of eyes, faces, teeth, tail, a unicorn horn, and much more—all of which participate in expressing his unconscious being; a democracy of psychic factions representing thought impressions and associations. All illumination and darkness– fernal, infernal, high consciousness and corporeal underbelly–reside in this realm. In the distance are relatively languid, light clouds, and against the firmament hovers a colossal distant eye peering over the scene and far beyond. This painting possesses underlying genetic traits with previous works such as “Auto-Erotic Sphinx with Toys”, “Dionysus”, and “Fuku-Shiva”. The work serves also as a nod to an earlier period of art inspiration during late teens and early twenties— born out of the nakedness, vulnerability, curiosity, and wonder inherent to coming of age and all subsequent psychedelic revelation.
Mars House
Mars House is the first NFT digital house in the world. Upon purchase of Mars House NFT, 3D files will be sent to the new owner by Krista Kim Studio Inc. for file upload to the owner’s Metaverse. Technical support for Mars House integration on Metaverse is provided. (Architectural Digest, March 14, 2021) “Kim ventured into NFTs while exploring meditative design during quarantine; her hope was to use the influx of digital life as an opportunity to promote wellbeing. Comprised entirely of light, the visual effects of her crypto-home are meant to omit a zen, healing atmosphere. The artist also partnered with musician Jeff Schroeder of The Smashing Pumpkins to create a calming musical accompaniment. So what makes the file a compelling purchase? Beyond the promise of buying into the lucrative NFT market, the home and all of the furniture in it can be built in real life by glass furniture-makers in Italy, as well as through MicroLED screen technology. Kim also has a strong visions the art being projected, as well. “Everyone should install an LED wall in their house for NFT art.” says the artist. “ This is the future, and Mars House demonstrates the beauty of that possibility.” The owner is in agreement to the following terms and conditions upon purchase of Mars House (hereby referred to as Mars House NFT): The collector agrees to own one copy of Mars House NFT on a single Metaverse platform. The collector is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio Inc. will provide technical support to upload and integrate Mars House NFT on a Metaverse platform. If/when Mars House is resold, the collector is required to delete all Mars House NFT 3D file(s) from his/her Metaverse, and provide verification of deletion to Krista Kim Studio Inc. before new 3D files are transferred to the new owner by the artist. The new owner is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio will send Mars House NFT 3D files directly to the new owner and provide support for Metaverse integration. This verified ownership transfer system will be appointed to Krista Kim Studio Inc. trusteeship, after 40 years of the date of the sale. Krista Kim Studio Inc. retains ownership of Mars House NFT copyright. All rights reserved. All reproductions of Mars House (NFT) in both digital and physical formats, are restricted. Mars House NFT physical furniture pieces, made of tempered printed glass in Italy, may be commissioned by the collector as NFT physical pieces.
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By OthersideDeployer
CryptoPunk 9998
One of 3840 Female punks.