RIYADH: In yet another sign of growing popularity of the cryptocurrency, Dolce & Gabbana is all set to launch its non-fungible token line on the luxe platform UNXD late next month to “connect the tangible with the metaphorical.”
UNXD is based on Polygon, a layer 2 networking that aims to be less expensive than Ethereum’s mainnet in terms of transaction fees.
Burberry, the British luxury fashion house, collaborated with Mythical Games to unveil its NFT line earlier this month. Blank Block Party, a game involving digital vinyl toys known as Blanks that exist on the blockchain was included in the Burberry NFTs.
High-end publications such as Vogue Singapore are also getting in on the act, with the fashion mag rolling out an NFT-filled issue including a “fire” dress from Balmain.
Scam
Turkish news channel TV100 reports that Turkish police have launched an investigation into a Dogecoin investment scheme that allegedly defrauded 350 million Dogecoin from around 1,500 investors.
The mastermind of the alleged scam, Turgut V, also organized one-on-one meetings in luxury venues, with attractive promotions to persuade investors to join the scheme, and used Telegram to direct investors to transfer their personal coins to the system.
The system worked well for the first three months and investors were able to receive their returns regularly. However, in the fourth month, Turgut V suddenly shut down the system and investors could not access it.
In the US, the Securities and Exchange Commission won a ruling against film actor Steven Seagal, after he failed to pay the agreed amount to settle a cryptocurrency fraud case.
The famous film actor paid over $330,000 to settle the cryptocurrency fraud case he was involved in. The commission alleged that Seagal failed to disclose his promise of $250,000 in cash and $750,000 in tokens to promote the initial coin offering (ICO).
However, the movie star only made one payment of $75,000 and is behind on the remaining amount, according to a letter from Maureen Peyton King, a lawyer for the (SEC), Bitcoin.com reported.
Transparency
South Korea’s Financial Services Commission (FSC), the country’s largest financial regulator, has announced a regulatory change to help improve transparency in virtual asset transactions.
As the announcement states, the Financial Services Commission and the Ministry of Interior and Safety issued advance notice of the organizational change to the Korean Financial Intelligence Unit that will add a designated department and staff tasked with overseeing virtual asset transactions.
Market
Bitcoin, the leading cryptocurrency, traded lower on Sunday, falling by 0.54 percent to $48,361.62 at 5:26 p.m. Riyadh time. While Ether, the second most-traded cryptocurrency, traded at $3,190.92, down by 1.13 percent, according to data from Coindesk.
