Metaverse Casino Slotie Ordered to Halt NFT Sales in Four US States

Metaverse casino Slotie has been ordered to halt NFT sales in Texas, Kentucky, New Jersey, and Alabama. The order comes after officials accused Slotie of selling illegal NFTs to fund its casino activities. Slotie is based in Georgia, not the US state, and began operations in October 2021.

State securities boards in the four states allege that Slotie’s owners have been soliciting investors to participate in what they say is an illegal gambling operation. Slotie failed to provide crucial business information such as addresses, phone numbers, and email addresses to customers. In addition, Slotie did not disclose its assets, liabilities, and revenue related to its casino operations.

Joe Rotunda, the Texas state securities board director, warned about the risks of investing in virtual realities. "The latest metaverse investment products — NFTs that purport to provide passive income — often bear significant undisclosed risks. These risks are often significant, and investing in virtual realities can leave investors virtually broke," Rotunda said. Slotie had 30 days to request a hearing on the matter but declined.