It’s not that the NFT promotes the vice of gambling; rather, the problem is that the promise of profit-sharing likely makes it a security. thesamreynods and JPRubin23 report
“What happens in the Metaverse, does not stay in the Metaverse,” said the Texas Securities Commissioner when itof the ‘Gambling Apes’ NFT collection from Cyprus-based Sand Vegas Casino Club.
“The main issue with the ‘Gambler’" NFTs is that there was an explicit expectation of profit sharing, which appears to run afoul of the SEC's Howey test, Christopher LaVigne, a partner in the litigation and arbitration team of international law firm Withers, told CoinDesk by email.“In terms of the difference between NFT marketplaces and crypto exchanges, there is no real difference when it comes to the government's attempts to subject them to existing securities laws.
“State courts confronting whether contests in video games constitute gambling have generally concluded they do not,” said LaVigne. “The reasons have varied, including that the items ‘won’ or lost are imaginary or virtual ’in-game’ rewards that cannot be exchanged for a thing of value.”in Mason v.
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