Shockingly, This NFT Metaverse Casino Is Already in Big Trouble

"Investing in virtual realities can leave investors virtually broke."A word of advice? Maybe avoid giving any of your hard-earned cash to Slotie, a "metaverse casino" that was just issued an emergency cease-and-desist order by four different US states. According, officials in Texas, Kentucky, New Jersey, and Alabama have accused the digital gambling house of soliciting and defrauding retail investors by way of its Slotie NFTs, creatively dubbed "Sloties.

Slotie's alleged scam seems like pretty run-of-the-mill web3 securities fraud. The site, which operates out of the country of Georgia, effectively marketed its NFTs as stocks, promising users a stake in the casino's profits in exchange for the purchase of their digital assets. Which, well, would make those NFTs securities; Slotie, however, failed to register them as such.

The site has also been accused of bolstering its so-called investments via manufactured hype, claiming that in one product drop, 10,000 of its assets sold out in under 10 minutes.

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