In this week’s newsletter, read about how trademark applications for nonfungible tokens (NFTs) and the metaverse have grown in the United States. Check out how NFT marketplace OpenSea has launched a tool that can enforce NFT royalties on-chain and how the Chinese city of Wuhan backpedaled on its NFT plans while still pursuing the growth of metaverse economies. In other news, find out how NFTs can turn passive fans into active community members. And don’t forget this week’s Nifty News featuring South Korea testing purchasing NFTs with their central bank digital currency (CBDC). Trademarks filed for NFTs, metaverse and cryptocurrencies …

Royalty enforcing NFTs to be a ‘new asset class’: Magic Eden CEO Jack Lu, the CEO of Solana-based nonfungible token (NFT) marketplace Magic Eden has floated the idea of NFTs designed to enforce royalties. Lu said in an address at Solana’s Breakpoint 2022 conference on Nov. 5 that these NFTs could “give rise to a new asset class” as the space grapples with the debate around opt-in royalties. He added that “creators need a sustained revenue model” and while royalties were one of those models there is “no way” to enforce them with the “current design” but added there are …

In the aftermath of the Terra collapse last spring, South Korean legislators intend to ramp up legislation, putting specific emphasis on the protection of investors in virtual assets — i.e. digital currencies — and harshening penalties for unfair trade acts in the industry. According to local media, the Financial Services Commission (FSC) and the National Assembly are working to pass a bill that would enable financial authorities to monitor and punish unfair trade practices such as the use of undisclosed information, price manipulation and fraud while supervising crypto exchanges. The legislation bears an emergent character — while there are already …

The first full week under the leadership of the newly-elected Prime Minister Rishi Sunak saw a major landmark for crypto regulation in the United Kingdom. The Financial Services and Markets Bill, made public on Oct. 25, aims to enhance the U.K.’s position as a “global leader in financial services” — but what is more important is that it contains some new definitions for crypto products. The bill moves stablecoins from the category of crypto assets to digital settlement assets (DSA) — a new category marked by its potential “to develop into a widespread means of payment.” It’s yet to be …

The former chairman of the South Korean cryptocurrency exchange Bithumb, Lee Jung-hoon, could face a possible maximum sentence of eight years in prison if found guilty on charges related to an alleged fraud worth $70 million. Local prosecutors asked the Seoul District Court for the sentence on Oct. 25, with the sentencing hearing will be held on Dec. 20 according to a report from Yonhap News Agency. It’s alleged that Jung-hoon defrauded $100 billion won or $70 million from Kim Byung Gun, chairman of the cosmetic surgery company BK Group in October 2018 during negotiations for Gun to purchase the …

The CEO of venture capital firm Hashed and early Terra (LUNC) investor Kim Seo-joon has cited “extreme stress” following the Terra crash as the reason for his no-show at South Korea’s National Assembly's Political Affairs Committee. Seo-joon was one of six people selected to take part in the South Korean parliament’s latest inquiry to better understand the events that led to the infamous $40 billion wipe out of Terra’s cryptocurrencies, according to an Oct. 24 article from the Korea Economic Daily. According to a letter from Seo-joon, he suffered severe mental harm from the following the sudden collapse of LUNC …

South Korea’s financial watchdog, The Financial Service Commission (FSC), would monitor crypto whales with assets of over 100 million won ($70,000) to prevent money laundering efforts using digital assets. The FSC noted that the greater the proportion of virtual assets and stablecoins, the higher the money laundering risk. Thus, special focus should be placed on monitoring crypto whales with significant digital asset and stablecoin holdings under the new anti-money laundering guidelines, reported local media. The report also drew attention to the use of stablecoins in money laundering and noted that stablecoins, especially those that are commonly used by the public, …

Members of a 4,400-strong Discord group called the “UST Restitution Group” (URG) have been attempting to track down the whereabouts of Terra co-founder Do Kwon. Members of the group, seemingly out of frustration at the lack of results from law enforcement agencies, are scouring the internet for clues and sharing them with the group in an attempt to track down Kwon. Members have suggested that he could be residing in places such as Russia, Dubai, Azerbaijan, or even on a yacht. Their continuing efforts come despite authorities in South Korea taking significant steps to bring Kwon to justice, with a …

South Koreans could soon allow its citizens to use blockchain-based digital identification (ID) instead of physical cards as soon as 2024, as the nation further embraces blockchain technology. According to an Oct. 17 report from Bloomberg, a plan from the government will see digital IDs embedded as an app within mobile devices in the future, working in a similar fashion to physical resident registration cards. The digital IDs are expected to launch in 2024, with around 45 million citizens expected to adopt the technology within two years. An economist at Korea’s Science and Technology Policy Institute Hwang Seogwon said the …

In less than a week, Terraform Labs founder Do Kwon’s passport will expire. Interpol issued a red notice for Kwon last month, and this month, his assets were reportedly frozen by the South Korean government. Kwon has been tweeting freely in response — and almost always denies the reports. “I don’t know whose funds they’ve frozen, but good for them, hope they use it for good,” he wrote in one message. Playing a game of cat and mouse with both the authorities and the public, Kwon seems to be living a life of freedom while enjoying his internet access. Meanwhile, …

The warrant for Yoo Mo, the head of the business team of Terraform Labs, has reportedly been dismissed less than 48 hours after it had been issued. According to an Oct. 6 report from South Korea’s Yonhap News Agency, Judge Hong Jin-Pyo of the Seoul Southern District Court said it was difficult to see the “necessity and significance” of arresting Yoo. The prosecutors’ office in the same jurisdiction reportedly issued a bench warrant for the Terraform Labs exec on Oct. 5 for charges including violating the Capital Markets Act and fraud by manipulating the price of TerraUSD (UST) — now …

South Korea's Ministry of Foreign Affairs on Wednesday issued an order for Terraform Labs CEO Do Kwon to surrender his passport. The fugitive co-founder must hand over his Korean passport to authorities within 14 days of the said order. A failure to comply with the order will result in the cancellation of his passport altogether. The official order also warned that failure to comply will lead to the rejection of requests for re-issuance in the future. Another local report noted that the passport return order was issued for a total of six Terraform Labs employees including Kwon. South Korean authorities …