NFTs And Loyalty Tokens Launch, Regulators Target Crypto Ads As Scams Spike – Technology

The Associated Press (AP) announced a non-fungible token (NFT)
drop this week to celebrate 175 years of photojournalism. The
organization plans to auction 10 NFTs that represent iconic
photographs taken throughout history, some coupled with music
scores. Proceeds from the auction will support the
organization’s journalism efforts.

In Europe, the Italian post office, which operates an online
marketplace in addition to mail delivery, has turned to Hyperledger
Besu to build an integrated loyalty points system. According to a
press release, the system allows customers to accrue points through
merchant apps and convert those points into fungible loyalty tokens
that can be redeemed across the platform for a variety of
rewards.

Spanish economic authorities have launched a royal decree that
grants the country’s financial services regulator the authority
to regulate crypto-asset advertising. According to reports, the
decree is based on the premise that cryptocurrencies pose risks
related to anonymity, self-custody of private keys and
accessibility.

In the United Kingdom, a self-regulating ad industry
organization recently banned an advertising campaign by Luno, a
cryptocurrency exchange, “for being misleading and
irresponsible.” The ads reportedly encouraged people to buy
bitcoin, stating that “it’s time to buy,” without
warning consumers that the asset is highly volatile and risky. The
exchange has reportedly agreed not to post such ads in the future
and to include a “risk warning” on future ads.

According to a recent press release from the Federal Trade
Commission (FTC), consumers have lost more than $80 million to
cryptocurrency scams since October 2020 – a more than 10-fold
year-over-year increase. The median amount individual consumers
reportedly lost as a result of the scams was $1,900. According to
the FTC, consumers between the ages of 20 and 49 “were over
five times more likely than older age groups to report losing money
to a cryptocurrency investment scam.”

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