Donald Trump’s newly launched meme coin, $TRUMP, has seen explosive growth, reaching a market cap of approximately $9 billion after peaking at over $15 billion on Sunday. The coin, which was announced on Truth Social ahead of Trump’s second presidential inauguration, quickly surged by more than 300% shortly after its release. By Sunday evening, the price had settled at just over $46, with a market cap of $9.36 billion. The coin, which operates on the Solana blockchain, is limited to an initial 200 million coins, with plans to expand to 1 billion over the next three years.
The $TRUMP token’s meteoric rise was accompanied by massive trading activity, hitting a 24-hour trading volume of $36.15 billion. However, the coin’s developers, including Trump’s affiliates CIC Digital LLC and Fight Fight Fight LLC, have made it clear that $TRUMP is not an investment opportunity, nor is it tied to any political campaign or government entity. Despite this, its launch has sparked interest, particularly in light of Trump’s ongoing political influence and support from cryptocurrency industry backers.
Trump’s meme coin is the latest in a series of merchandise ventures, including luxury items such as Trump-branded watches, perfumes, and NFTs. His administration has also expressed plans to reduce regulatory burdens on crypto firms and create a Bitcoin reserve. The growing anticipation surrounding Trump’s second term, along with his pro-crypto stance, continues to fuel optimism within the crypto market.
Additionally, Melania Trump entered the crypto space with the launch of her coin, $MELANIA, based on the Solana blockchain. The collaboration between the Trumps further aligns with their vision of a flourishing digital economy as they approach the new administration.
The global real estate market, valued at $379.7 trillion in 2022, stands as one of the largest in the world. With blockchain technology now playing a growing role, property rights can be tokenised, automating the buying, selling, and transferring processes. This transformation not only increases efficiency but also enhances liquidity within the market.
Tokenising real estate enables fractional ownership, allowing smaller investors to access a traditionally exclusive asset class. By breaking down ownership into tradable tokens, blockchain opens up opportunities for a broader range of participants, particularly those facing barriers to homeownership such as high prices and inflation.
Additionally, blockchain enables faster processing times for transactions and eliminates intermediaries, reducing costs for investors. Real estate tokens are already being used in projects like the “World Liberty” token, backed by Donald Trump Jr., showcasing how blockchain could reshape the industry by integrating real estate with decentralised finance.
With the market for tokenised assets predicted to reach between $10 trillion and $16 trillion by 2030, real estate tokens are expected to revolutionise investment options, making the sector more dynamic and accessible.
Telegram recently introduced several new features, including the ability to send gifts, improved moderation tools, and enhanced video chats for iOS and Android users. However, Toncoin (TON) has failed to capitalise on these developments, with the coin’s price continuing to drop despite favourable market conditions. TON has fallen 2.7% in the past 24 hours and over 10% during the last week.
Telegram’s CEO, Pavel Durov, revealed that users could convert some of these limited-edition gifts into TON-based NFTs, adding an extra layer of functionality to the platform. Yet, despite these innovations, TON’s price has struggled to recover from its mid-2024 downturn, following Durov’s arrest.
Though TON traded above $8 earlier this year, it now sits at $5.22. Despite the slow recovery, the community remains hopeful that future developments might turn the tide for the coin.
LEGO Group’s website was briefly compromised on 5 October, with a scam promoting a fake ‘LEGO Coin’ token appearing on the homepage. The message encouraged users to purchase the token in exchange for ‘secret rewards’ but redirected them to a phishing site. The scam was removed after about 75 minutes, and LEGO confirmed that no user accounts had been compromised.
LEGO has since assured customers that the issue has been resolved and steps are being taken to prevent future incidents. Despite earlier hints in 2021 about entering the NFT space, LEGO has not officially pursued any crypto-related ventures.
This incident highlights the ongoing threat of cryptocurrency scams, which saw $127 million stolen from victims in the third quarter of 2024, with September alone accounting for $46 million in losses.
Lamborghini has officially unveiled the Fast ForWorld platform, a collaboration with Animoca Brands that introduces interoperable digital supercars for web3 gaming. This marks Lamborghini’s inaugural foray into blockchain technology, with the platform set to launch on 7 November. According to Animoca, Fast ForWorld will allow users to engage with digital collectables, providing opportunities to experiment, play, and be rewarded for their participation.
The platform will enable the buying, selling, and use of digital car collectables across various games, including Torque Drift 2 and REVV Racing, making them accessible on multiple gaming platforms from day one. Additionally, users will have access to a 3D wallet to store and interact with their digital assets, enhancing the overall gaming experience.
Lamborghini’s exploration of blockchain technology isn’t entirely new; it began in 2022 with NFT projects showcasing its iconic cars. The latest venture further establishes Lamborghini’s commitment to engaging with new technologies and connecting with a younger audience.
The Indonesian National Post Office has unveiled the country’s first Non-Fungible Token (NFT) postage stamp, featuring the stunning Cenderawasih, or bird of paradise. Launched on 27 September to mark the 79th anniversary of the Indonesian Post, the initiative is a collaboration with the Ministry of Communications and Information.
This innovative stamp, valued at around $9.90, represents a significant step in integrating blockchain technology into philately. It aims to attract collectors worldwide and is being issued in limited quantities in a special booklet format. Faizal Rochmad Djoemadi, Director of Pos Indonesia, emphasised that this NFT stamp is primarily intended as a collector’s item rather than for traditional postal use.
In a bid to engage the younger generation, Djoemadi hopes that this digital approach will reignite interest in stamp collecting. Alongside the NFT version, a physical copy will also be available, allowing collectors to enjoy both formats. Purchasers can easily acquire the NFT stamp through the Indonesian Post’s website by scanning a QR code that leads to an ordering link.
With this launch, Indonesia joins Thailand and Malaysia as the third country in Southeast Asia to introduce NFT stamps, marking a noteworthy advancement in the region’s postal services.
The EU Commission has announced that Apple will open its near-field-communication (NFC) technology to third party developers, including competitors. Rival mobile wallet providers will now be able to use this technology as well, giving them access to a new market of users. Companies other than Apple will also be able to access tap-and-go services which use NFC technology. This means they will have access to technologies for things like digital wallets, house and car keys, security badges, loyalty cards, and event tickets.
“We have offered commitments to provide third-party developers in the European Economic Area with an option that will enable their users to make NFC contactless payments from within their iOS apps, separate from Apple Pay and Apple Wallet,” Apple said in an emailed statement to Reuters. EU antitrust chief Margrethe Vestager noted that ‘consumers will have a wider range of safe and innovative mobile wallets to choose from.’
After the EU shared its concerns on Apple’s market dominance in May 2022, Apple decided it would settle the case and determined a first set of commitments. Commission market-tested these commitments between 19 January 2024 and 19 February 2024, consulting all interested third parties to verify whether they would remove its competition concerns. After this process, Apple came up with a second round of commitments which the EU turned into law. This way, Apple avoided a violation of the EU’s antitrust laws and a fine.
Apple’s decision to settle the EU antitrust probe stands out given the company has pushed back against the EU competition watchdog on other occasions. Besides this case, it is currently facing a number of investigations under the Digital Markets Act (DMA) over its business practices. It recently received a €1.8 billion fine, which it is currently appealing.
Although stakeholders raised concerns about trademark misappropriation and infringement on NFT platforms, the study found that most stakeholders believe the existing laws and registration practices are sufficient. Therefore, the study concluded that no changes to intellectual property laws or registration practices are necessary at this time.
Some stakeholders expressed concerns about enacting NFT-specific legislation too prematurely, as it could impede the ongoing development and evolution of NFT technology. The study supports the viewpoint that enacting specific legislation for NFTs would be premature and could hinder the industry’s growth.
The US Securities and Exchange Commission (SEC) deemed the NFT offerings sold by Impact Theory to be securities because the company promised investors would profit from them. As a result, Impact Theory agreed to reimburse investors and pay a fine of $6.1 million. It is important to note that this case does not imply that all NFTs are considered securities by regulators.
The study also identifies the lack of controlling judicial precedent regarding the enforcement of trademark registrations for physical goods against the use of the same mark on similar digital goods tied to blockchains and NFTs.
The US Securities and Exchange Commission charged Stoner Cats 2, an NFT company which raised around 8 million dollars from investors to finance an animated web series called Stoner Cats. The animated series is produced by Mila Kunis’ production company.
The company used earnings from the sale of 10300 NFTs to pay a number of famous people involved in the project, like Mila Kunis, Ashton Kutcher, Chris Rock, Jane Fonda, or Ethereum founder Vitalik Buterin.
Whenever one of the NFTs was resold, the company received a 2.5 percent royalty. “The royalties created incentives to encourage individuals to buy and sell the NFTs on a secondary markets’ stated the SEC. Because of this SEC ruled Stoner Cats as an unregistered offering.
Stoner Cats 2, paid $1 million in fines, and agreed to destroy all of the NFTs in its possession.
Why does it matter
This is a second decision from the SEC that is tackling the unregistered offerings of the NFT products. While, creating and using NFT is not by any mean illegal, the promises about the profits that will be made with the NFT’s reselling, are clearly in collision with the US laws on financial securities.
The US Securities and Exchange Commission (SEC) has charged Los Angeles-based media and entertainment company, Impact Theory, with conducting an unregistered offering of crypto asset securities in the form of non-fungible tokens (NFTs). Impact Theory raised approximately $30 million from hundreds of investors, including those in the United States, through the offering.
According to the SEC’s findings, Impact Theory sold three tiers of NFTs called Founder’s Keys, presenting them as investments into the company. The company claimed that investors would profit if Impact Theory achieved success, likening their ambitions to building the next Disney.
The SEC’s order determined that the NFTs sold by Impact Theory were investment contracts, classifying them as securities under the US securities laws. As a result, Impact Theory violated securities laws by offering and selling these crypto asset securities to the public without registering them or qualifying for an exemption. Failing to register with SEC deprives investors of the protections provided by robust disclosures and other safeguards established by securities laws.
Without admitting or denying the SEC’s findings, Impact Theory agreed to a cease-and-desist order. The company will pay over $6.1 million in disgorgement, prejudgment interest, and a civil penalty. In addition, a Fair Fund will be created to refund the money paid by injured investors to purchase the NFTs. Impact Theory will also destroy all Founder’s Keys in its possession or control. Furthermore, the company must relinquish any future royalties it may receive from secondary market transactions.
Why does it matter?
This case underscores the importance of proper registration and compliance with securities laws for companies engaging in the offering of cryptocurrencies and other crypto assets, including NFTs. It also might set the precedent for future charges toward companies that create and offer the non-fungably tokens in the United States.
