NerveNetwork telegram news 23 October 2022 02:32

23 Oct 2022, 02:32

Same news in other sources

1
Wilder World
Wilder WorldWILD #286
Telegram
23 Oct 2022, 02:46
โœจ Wilders: I wanted to take a moment to give a quick update on Industry NFT staking. One of the primary reasons for the delay has been regulatory uncertainty from the SEC related to tying financial rewards to NFT assets. There is the argument that this can make NFTs securities, which would be detrimental to the project. In some cases certain projects have also been removed from OpenSea due to NFT staking rewards mechanisms. An important part of being successful in Web3 is understanding the legal implications of key decisions in a rapidly emerging and uncertain landscape. This is not just for Wilder World, but the entire crypto industry. Those able to work within the bounds of the opaque regulation of crypto assets will have a much higher probability of success than those that donโ€™t. We have engaged Reed Smith, arguably one of the top crypto-focused law firms in the world to help us with this matter. We believe weโ€™ve found a way to ensure legal compliance with our NFT staking program by more deeply integrating staking into the mechanics of the metaverse and land resource economy (i.e., directly into the game). This is being designed in a way that connects all industries together with a single staking model that ties directly into different game mechanics, as well as the WILD token, using Zero's zXP Protocol. zXP has been improving rapidly. The open-source code can be viewed here: In the end, it is my opinion that we will have something significantly better than what was initially proposed as part of Metropolis v1, but for now, the timeline remains uncertain. The good news is that most of the technical challenges have been solved, and we are in the process of getting further legal confirmation that our proposed approach will work. ๐Ÿ‘‰ We will provide a further update with more clarity by the end of this year (2022). ๐Ÿ‘‰ Please remember that we are doing something that has never been done before, and the projects that navigate these decisions with integrity and innovation will have a huge impact. Your patience and support is appreciated. Thank you ๐Ÿ’Ÿ. n3o
Wilders:. I wanted to take a moment to give a quick update on Industry NFT staking.
โœจ Wilders: I wanted to take a moment to give a quick update on Industry NFT staking. One of the primary reasons for the delay has been regulatory uncertainty from the SEC related to tying financial rewards to NFT assets. There is the argument that this can make NFTs securities, which would be detrimental to the project. In some cases certain projects have also been removed from OpenSea due to NFT staking rewards mechanisms. An important part of being successful in Web3 is understanding the legal implications of key decisions in a rapidly emerging and uncertain landscape. This is not just for Wilder World, but the entire crypto industry. Those able to work within the bounds of the opaque regulation of crypto assets will have a much higher probability of success than those that donโ€™t. We have engaged Reed Smith, arguably one of the top crypto-focused law firms in the world to help us with this matter. We believe weโ€™ve found a way to ensure legal compliance with our NFT staking program by more deeply integrating staking into the mechanics of the metaverse and land resource economy (i.e., directly into the game). This is being designed in a way that connects all industries together with a single staking model that ties directly into different game mechanics, as well as the WILD token, using Zero's zXP Protocol. zXP has been improving rapidly. The open-source code can be viewed here: https://github.com/zer0-os/zXP. In the end, it is my opinion that we will have something significantly better than what was initially proposed as part of Metropolis v1, but for now, the timeline remains uncertain. The good news is that most of the technical challenges have been solved, and we are in the process of getting further legal confirmation that our proposed approach will work. ๐Ÿ‘‰ We will provide a further update with more clarity by the end of this year (2022). ๐Ÿ‘‰ Please remember that we are doing something that has never been done before, and the projects that navigate these decisions with integrity and innovation will have a huge impact. Your patience and support is appreciated. Thank you ๐Ÿ’Ÿ. n3o