Latest Crypto News: US Allows Use of NFTs for Fundraising Activities, ReelStar Rolls Out NFT Creation Zone

The US Federal Election Commission (FEC) has authorized DataVault Holdings to use non-fungible tokens (NFTs) for fundraising activities, Cointelegraph reported.

In a Dec. 15 notification, the FEC said DataVault is “permitted” to distribute NFTs as incitement to political campaigns without violating corporate contribution rules. DataVault will track all tokens distributed for its own records and obtain “appropriate compensation” for each NFT issued to contributors, according to the FEC.

“The Commission concludes that DataVault’s proposals to provide political committees with NFTs on the same terms that it routinely offers to its non-political customers would constitute an allowable extension of credit in the ordinary course of business,” the FEC Chairman said. , Allen Dickerson.

“Under the statute and Commission regulations, an incorporated commercial seller may extend credit to political committees on terms substantially similar to those the seller offers to non-political debtors. DataVault is a ‘commercial provider’ because its regular business involves providing the same services it offers to provide to political committees,” he said.

ReelStar’s Onsite NFT Creation Area

The ReelStar app, a Web3 -integrated social media platform, became the “title” sponsor of the Great Indian Sneaker Festival. Artists will have the opportunity to create NFT using the ReelStar app on site. According to the company, artists will have the opportunity to create artwork under expert guidance from ReelStar.

To engage with the youth, lifestyle, gaming and artist community, ReelStar has set up an exclusive “ReelStar Experience Zone” for its guests. It will also allow visitors to view created NFTs, meet each other, and access features of the ReelStar app beta, among others.

Navdeep Sharma, co-founder of ReelStar, said, “ReelStar will open up a whole new world of experiences and opportunities for Indian creators across the country.” He said it will also bring new opportunities to the Indian fashion industry.