There is a word of advice. Slotie, a "metaverse casino" that was just issued an emergency cease-and-desist order by four different US states, might be a better place to give your money to. According to CNBC, officials in Texas, Kentucky, New Jersey, and Alabama have accused the digital gambling house of soliciting and deceiving retail investors by way of its Slotie NFTs.
The company says that slots are your ticket into the largest and fastest growing online Casino network.
While Slotie isn't the average slot machine, investors probably placed a poor bet.
Slotie's alleged scam is similar to web3 securities fraud. Users were promised a stake in the casino's profits in exchange for buying their digital assets on the site, which is based out of Georgia. Slotie didn't register those NFTs securities as such.
Slotie is accused of issuing 10,000 Slotie NFTs that are similar to stock and other equity. The Slotie NFTs give investors the right to participate in the profits of the casinos.
In one product drop, 10,000 of the site's assets sold out in less than 10 minutes, according to the site.
There is no proof that 10,000 Slotie NFTs sold out in under five minutes.
Another sign of impending doom? The company or its owners weren't given any way to be contacted by NFT buyers.
Even though there were some red flags here, Slotie was just exploiting the same tactics used by most mainstream operations: convincing people they're getting in on the ground floor, even if they don't really understand what it is to begin with.
Joe Rotunda, Texas' securities board director, told CNBC in a statement that the new metaverse investment products, which purport to provide passive income, often have significant undisclosed risks.
Investing in virtual realities can leave investors penniless.
The four U.S. states ordered a metaverse casino to stop selling NFTs.
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