US Allows Use Of NFTs For Fundraising Activities, ReelStar Rolls Out NFT Creation Zone

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US Allows Use Of NFTs For Fundraising Activities, ReelStar Rolls Out NFT Creation Zone

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

In a Dec. 15 notice, FEC declared that DataVault is “permissible” to distribute NFTs as an incentive for political campaigns without violating the rules on corporate contributions. DataVault will track all tokens distributed for its own records and get “appropriate compensation” for each NFT issued to contributors, according to FEC.

“The Commission concludes that DataVault’s proposals to provide political committees with NFTs on the same terms as it routinely provides to its non-political clients would constitute a permissible credit extension in the ordinary course of business,” Allen Dickerson said. , chairman of the FEC, said.

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

ReelStar’s Onsite NFT Creation Zone

ReelStar app, a Web3 integrated social media platform, has become the “title” sponsor of The Great Indian Sneaker Festival. Artists will have an opportunity to create NFTs using the ReelStar app on-site. According to the company, the artists will have an opportunity to create works of art under the guidance of ReelStar experts.

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 the visitors to see the NFTs that have been created, meet and greet, and access features of the ReelStar app beta, among others.

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

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