Web3🌗Wednesday Roudup: Solana's TNSR Token, Bitcoin Fog Founder Conviction, SEC's ETF Order, and US Gov Report on NFT IP Infringement

Welcome to another exciting day in the world of Web3! As we delve into the latest developments, we uncover a myriad of fascinating highlights shaping the landscape of cryptocurrency and blockchain technology. From groundbreaking announcements to significant legal rulings, today's journey promises to be both enlightening and captivating. Join us as we embark on a journey through the cutting-edge realms of Solana's NFT marketplace, the legal landscape surrounding cryptocurrency, and the intricate nuances of intellectual property in the realm of NFTs. So, without further ado, let's dive into the heart of today's Web3 highlights!

1. Solana's Tensor reveals TNSR Token plans

Tensor Foundation unveils $TNSR governance token plans for the Solana NFT marketplace, envisioning an NFT-driven future. Competing with Magic Eden, Tensor holds 33.49% of the Solana NFT market share. Emphasizing Solana's speed and low fees, the foundation highlights its critical role in the NFT trading infrastructure. $TNSR will govern Tensor protocols that have traded over $2 billion worth of Solana NFTs, with the foundation aiming to foster an ecosystem of creators and builders dedicated to NFT success. The announcement hints at the transformative power of NFTs, envisioning a shift from thousands to billions of traders.

Solana NFT Marketplace Tensor Unveils Plans for TNSR Token - Decrypt

The newly announced Tensor Foundation lays out plans for its governance token, eyeing an NFT-driven future.

DecryptJason Nelson

2. Bitcoin Fog Founder convicted for aiding Darknet money laundering

Founder of Bitcoin Fog, Roman Sterlingov, convicted for laundering millions from darknet markets. Chainalysis played a key role in tracing $400 million in untraceable transactions. Despite maintaining innocence, Sterlingov faces up to 20 years in prison. The trial raised questions about Chainalysis' reliability. Bitcoin experienced a 2% dip but rebounded, currently trading at $71,400. Recent gains led to an all-time high of $73,000. Sterlingov's case marks another win in the US crackdown on crypto crime.

Washington Court Convicts Bitcoin Fog Founder of Aiding Darknet Drug Trade Money Laundering

The founder of “Bitcoin Fog” was found guilty by a federal jury in Washington of helping to launder tens of millions of dollars.

NewsBTCRonaldo Marquez

3. SEC instructs First Trust-SkyBridge to abandon Bitcoin ETF application

SEC directs First Trust-SkyBridge to abandon their Bitcoin ETF application, initially rejected in January 2022. The order comes as the firms didn't respond to prior SEC communications. The application, filed in March 2021, was among several rejected, but unlike BlackRock's successful revision, First Trust-SkyBridge chose not to re-apply. Bitcoin hovers around $72,000, while the CoinDesk 20 Index remains flat at 2,740. Analysts express uncertainty about the firms' decision not to pursue a new application post-BlackRock's approval.

SEC Orders First Trust-SkyBridge to Declare Its Bitcoin ETF Application Abandoned

First Trust was one of the first to file for a BTC ETF, and was rejected by the SEC in January 2022.

CoinDeskSam Reynolds

4. US gov report: NFTs face IP infringement, no new laws required

US Patent and Copyright Offices state current laws cover NFTs, no urgent changes are needed. Despite widespread infringement challenges, enforcement tools are deemed sufficient. Addressing decentralized platforms and consumer confusion, the focus is on education, not legal alterations. No specific proposals for blockchain in US patent and trademark registrations. NFT markets face hurdles with falling prices and sales volume, despite Ether's recent gains.

IP infringement rife in NFTs, but new laws not needed: US gov report

Intellectual property infringements remain a concern with NFTs but there is no need to implement new laws according to the USPTO.

CointelegraphMartin Young

As we conclude our exploration into today's Web3 highlights, we hope you found this journey through the realms of Solana's NFT marketplace, legal landscapes, and intellectual property in the NFT world enlightening. The ever-evolving nature of Web3 ensures that each day brings new revelations and challenges to the forefront. Stay tuned for more updates, and remember, the world of Web3 is a dynamic space where innovation knows no bounds. Thank you for joining us on this insightful venture, and until next time, happy exploring in the ever-exciting realm of Web3!

WEB3 AI ML