In this week’s newsletter, learn about emerging technologies creating new ethics for humankind. Read about the nonfungible token (NFT) marketplace Binance NFTs adding support for Bitcoin Ordinals on its platform, and check out why Kenyan lawmakers are considering a tax on crypto and NFT transfers. In other news, former OpenSea manager Nathaniel Chastain was found guilty of insider trading in a federal court in New York, and don’t forget this week’s Nifty News, featuring Pudgy Penguins signing a deal with a major Hollywood agency.
Emerging tech to create “new ethics” for humankind: MEWS 2023
At the Metaverse Entertainment Worlds conference in Monaco, legal expert and mathematics Ph.D. holder Stephen Castell discussed with Cointelegraph how technologies like blockchain and artificial technologies are transforming ethics and the banking sector.
Castell emphasized the importance of trust in the emerging tech industry and how it connects to the recent banking crisis in the United States. He noted that trust was a foundational concept of a bank at its inception.
Bitcoin Ordinals hit Binance NFT Marketplace in latest update
Bitcoin Ordinals, also informally dubbed as Bitcoin NFTs, will be supported on the Binance NFT Marketplace later in May, according to an announcement from the crypto exchange.
Users will be able to purchase and trade Bitcoin ordinals from existing Binance accounts, with the update including royalty support and revenue-generating opportunities for creators.
Kenya considers tax on crypto, NFT transfers and online influencers
Kenyan lawmakers are considering imposing a 3% tax on crypto and NFT transfers. A newly-introduced bill in the Kenyan parliament aims to enact a digital asset tax on income from the transfer of digital assets, including NFTs.
The proposed tax will require exchanges or those initiating the crypto or NFT transfers to collect and submit the tax to the government. In addition to crypto and NFTs, the new tax regime also aims to tax monetized online content.
Jury convicts former OpenSea manager in NFT insider trading case
Former OpenSea employee Nathaniel Chastain has been found guilty of wire fraud and money laundering in a federal court in New York. The former OpenSea employee was accused of insider trading after purchasing NFTs selected to be featured on the marketplace.
The defense attorney argued that Chastain wasn’t guilty because he was not informed that the information he received was confidential. However, the prosecution responded that the former OpenSea employee knowingly broke the law and used anonymous accounts to conceal the trades.
Nifty News: Pudgy Penguins signs with WME, Bitblox to make Web3 gambling games and more
NFT collection Pudgy Penguins signed a deal with Hollywood talent agency William Morris Endeavor (WME). The popular NFT project aims to spread its intellectual property through television, film and gaming. Meanwhile, startup Cryptoys revealed the launch of Star Wars NFT collectibles, which will be hosted on the Flow blockchain.
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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.