NEOPIN teams up with Ticker Capital to expand Web3 ecosystem

Fingerlabs teams up with Metaclub to gather users for Web3 membership platformFingerlabs, a subsidiary of South Korean digital marketing company FSN, has decided to collaborate with reward points app Metaclub to expand user engagement for its Web3 membership platform Bling, according to an official press release on Wednesday (KST).Photo by NordWood Themes on UnsplashInnovating rewards systems and digital marketingMetaclub is a lifestyle platform that allows users to accumulate and spend reward points that can be used at various brands and websites. It currently boasts 80,000 members and hit a cumulative transaction value of KRW 30 billion (approximately $22.7 million) within a year after its launch. On the other hand, Bling is a marketing solution that allows businesses to create and manage NFTs that offer membership benefits to their customers. Users can create customizable characters on Favorlet, Fingerlabs’ NFT wallet and customer management service, using clothing or accessories called “parts.” These parts are linked to various benefits offered by Fingerlabs’ partner firms.Unique membership experienceThrough this collaboration, Bling and Metaclub are holding a promotional event where users who fill their Metaclub account with more than KRW 200,000 and collect Metaclub parts NFTs on their Bling account will be eligible to receive 3% in reward points.“By working with Metaclub, which has a high number of users in their 20s and 30s, we believe that Bling can quickly establish itself as a next-generation Web3 membership service,” said Kim Dong-hoon, CEO of Fingerlabs. “We have a clear understanding of the features and capabilities of both platforms, so we will be able to build our membership base through various collaborative projects.”

Xangle Joins Com2uS Group’s Blockchain Mainnet XPLA as ValidatorCrossAngle, the operator of the virtual asset analysis platform Xangle, said Thursday that it has joined Com2uS Group’s blockchain mainnet XPLA as a validator.Photo by Shubham Dhage on UnsplashIn crypto, validators are entities in Proof of Stake (PoS) blockchain networks who operate nodes and contribute to the network’s maintenance and security by validating new transactions.Xangle will participate as a validator in the XPLA mainnet, contributing to the security and well-being of the blockchain ecosystem.About XPLA and XangleXPLA is a global mainnet that offers multiple services like a non-fungible token (NFT) marketplace, a metaverse, and entertainment services. It has partnered with many leading Web3 companies from around the world, including Com2uS Holdings, Oasys, Animoca Brands, Yield Guild Games, Blockdaemon, Cosmostation, and more. Xangle has now joined as a validator, adding its name to the list.Xangle is a major platform providing research and analytics on virtual assets. It aims to address information asymmetry within the blockchain ecosystem and promotes the mass adoption of Web3.Xangle and XPLA have consistently worked together to cultivate the popularization of Web3 and create a transparent and well-maintained blockchain ecosystem. Xangle had previously participated as a partner company in the Beyond Boundaries Web3 hackathon co-hosted by XPLA and Oasys last month following XPLA’s adoption of Xangle’s on-chain analytics service in April.Xangle’s innovative solutionsXangle is also set to launch blockchain data-based corporate solutions catered to virtual asset and Web3 businesses later this year. One of these solutions, dubbed “Explorer,” will allow search and analysis of on-chain data generated within blockchain networks. The company also announced that it will launch the beta version of Xangle Beacon — a comprehensive service to help Web3 companies operate, manage, and scale their services.

The Virtual Assets Regulatory Authority (VARA), the regulatory body which oversees the digital assets market within the emirate of Dubai in the United Arab Emirates (UAE), has taken corrective action against seven unlicensed crypto entities. Fines issuedAccording to an enforcement notice, published to the VARA website on October 8, the agency issued fines relative to a number of firms that it found were engaging in unlicensed virtual asset-related trading activity. The fines ranged from between 50,000 to 100,000 UAE dirhams (AED), equivalent to between $13,600 and $27,200 in U.S. dollars. The agency outlined that it was taking this corrective action in order to continue its enforcement efforts so as to safeguard Dubai’s virtual asset ecosystem. In its enforcement notice, the regulator did not disclose the names of the entities that have been sanctioned. The agency said that its investigations are ongoing, in partnership with local law enforcement.  A statement from the Regulatory Affairs and Enforcement division within VARA was provided, stating: “VARA will not tolerate any attempts to operate without appropriate licenses, nor will we allow unauthorized marketing of virtual asset activities. Our marketing regulations further emphasize Dubai’s commitment to ensuring transparency and always protecting stakeholder interests.”Photo by Alex Block on UnsplashCease and desist ordersIn addition to fines, VARA also issued the seven firms with cease and desist orders for breaching marketing regulations. Marketing by crypto firms is an area the regulator has been focusing on recently. Last month, VARA published a press release, outlining that it had updated its crypto regulations to specifically deal with marketing-related matters. Alongside that update, it issued a guidance document, clarifying the responsibilities of virtual asset service providers (VASPs) relative to marketing practices. A schedule of fines was provided in the case of a breach of the regulations, while the update set out a need for a mandatory disclaimer on marketing material to indicate that virtual assets are volatile and may lose their value, fully or partially. The Dubai regulator is not the first to home in on the marketing activities of crypto businesses. In the UK, the Financial Conduct Authority (FCA) enforced additional rules related to crypto marketing in late 2023. Some crypto businesses found the requirements too arduous and left the UK market as a direct consequence. Public warningIn its enforcement notice, the Dubai regulator also had a message for the trading and investing public, stating: “This public warning is VARA’s market notice to all to avoid engaging with any unlicensed firms.” The regulator added that interacting with unlicensed entities exposes both individual investors and institutions to both financial and reputational risk.  Furthermore, it warned of “potential legal consequences” for regulatory violations. “Only firms licensed by VARA are authorised to provide virtual asset services in/from Dubai, and the Authority remains steadfast in its commitment to protect consumers and investors, and to preserve market integrity,” the regulator further asserted.