🚀 EVE Online raised $40m for a blockchain game

🚀 EVE Online raised $40m for a blockchain game 🤏 SEC is preparing to investigate SushiSwap 😨 IRS is investigating whether NFTs should be taxed as collectibles

GM!

$VEMP's private / VC investors are now fully vested, and this means that inflation is dropping! Right around the time of our 1.5 year BDAY, inflation is now below the teens and DROPPING MORE EACH YEAR!

This is a great sign for our future, and something to celebrate! We've come a long way in a short amount of time, and we are looking forward to the next phase of growth.

Here's what recently happened in the space:

🚀 EVE Online raised $40m for a blockchain game

🤏 SEC is preparing to investigate SushiSwap

😨 IRS is investigating whether NFTs should be taxed as collectibles

VE Online raised $40m for a blockchain game

EVE Online, an MMORPG for boomers from old days of the Internet, is making a move to cross over to the next generation of gaming technology with a new Web3 game. Developer CCP Games has just announced that it has raised $40 million in financing to develop a new AAA title set within the EVE universe.

The round was led by Andreessen Horowitz, and also included BITKRAFT, Nexon, Kingsway Capital and HASHED, among other investors. This move further demonstrates CCP’s commitment to developing new titles within the EVE universe and expanding the experience for its highly-engaged faithful fan base.

And when they are talking about the fan base, they actually mean millions of users that have been playing EVE Online throughout 2 decades. According to the press release, their upcoming title will focus on “persistence, composability and truly open third-party development” to create a new relationship between virtual worlds and players.

In any case, this is monumental and may convince some users to make the leap towards Web3 gaming.

SEC is preparing to investigate SushiSwap

The US Securities and Exchange Commission (SEC) has recently slapped SushiSwap and its CEO Jared Grey with a subpoena. This means that the SEC is requesting documents and information in order to investigate possible violations of securities law. The company then announced that it is setting up a $3 million USDT legal defense fund to address the SEC investigation.

Grey noted in a blog post that it is important for the company and its core contributors to have these funds available in order to ensure operational continuity and protect them from any legal issues. He also stated that the company is cooperating with the SEC’s investigation to resolve the matter. Whether or not the SEC’s inquiry will result in any penalties is yet to be seen, but it's evident the SEC is out for blood.

IRS is investigating whether NFTs should be taxed as collectibles

In the meantime, the other tentacle of US government is seeking guidance on how NFTs should be taxed. In a statement, the Treasury Department and Internal Revenue Service (IRS) said that they are actively looking into the issue of whether NFTs should be treated as a collectible under tax law. This could prove to be an important development for NFTs, as it would help to standardize how taxes are applied to the digital assets.

Currently, the US tax code stipulates that any artwork, rug or antique, metal or gemstone-based item, stamp or coin collection and other tangible property outlined by the Secretary of Treasury are considered collectibles. The IRS is currently evaluating whether NFTs should be included in this definition; if so they would have to adhere to capital gains taxation like all other collectibles.

Currently, the sale or exchange of a collectible is subject to a maximum 28% capital gains tax rate, while assets not considered to be collectibles are generally subject to lower capital gains tax rates. This is a potential complication for NFTs, as digital assets could be subject to a different tax rate than other collectibles.