"SEC Clears Yuga Labs, Trump Enters Metaverse, DraftKings Settles NFT Lawsuit"

Coin WorldWednesday, Mar 5, 2025 2:26 pm ET

1min read

The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Yuga Labs, the company behind the popular Bored Ape Yacht Club NFT collection. The probe, which began in October 2022 under former SEC chair Gary Gensler, explored whether NFTs could be classified as securities. Yuga Labs welcomed the news, stating that the SEC's decision was a victory for NFT creators and the ecosystem as a whole. The company maintained that NFTs are not securities.

Meanwhile, a company owned by former U.S. President Donald Trump, DTTM Operations, has filed trademarks for a metaverse and an NFT marketplace. The filing describes a Trump-themed virtual world where users can shop for physical and virtual goods, dine in a restaurant, and enjoy simulated luxury transports. The NFT marketplace will feature content approved by the former president.

In other news, gambling platform draftkings has agreed to pay $10 million to settle a class-action lawsuit related to its NFT marketplace. The lawsuit alleged that DraftKings sold NFTs that were unregistered securities. The settlement, if approved, will distribute funds among the class-action suit members and bring an end to the legal dispute.

Web3 game Hamster Kombat has launched a layer-2 blockchain called the Hamster Network, based on The Open Network (TON). The network aims to support Web3 games and decentralized applications, allowing developers to launch games entirely on-chain. Hamster Kombat stated that the network would enable games to place their entire logic within smart contracts.

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