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) in its fundraising efforts, Cointelegraph reported.

In a Dec. 15 notice, the FEC said DataVault would be “allowed” to distribute NFTs as incentives for political campaigns without violating corporate donation rules. According to the FEC, DataVault will track all tokens distributed for its own record and will receive a “appropriate reward” for each NFT issued to contributors.

FEC Chairman Allen Dickerson said, “The Commission believes that DataVault’s proposal to provide NFTs to the Political Commission on the same terms it regularly provides to non-political clients is permissible in the ordinary course of business. It concludes that it is an extension of the credit that is granted.”

“Under the law and Commission regulations, an incorporated commercial vendor may extend credit to the Political Commission on terms substantially similar to those offered by the vendor to non-political debtors. DataVault is a “commercial vendor” because its normal business involves providing the same services it is proposing to provide to the political committee,” he said.

ReelStar’s On-the-Fly NFT Creation Zone

The ReelStar app, a social media platform integrated into Web3, has become the ‘title’ sponsor of The Great Indian Sneaker Festival. The artist will have the opportunity to create his NFT using his ReelStar app on the spot. According to the company, the artist will have the opportunity to create artwork under the guidance of ReelStar’s experts.

To engage with the youth, lifestyle, gaming and artist communities, ReelStar has set up a “ReelStar Experience Zone” exclusively for guests. Visitors can also view her NFTs created, meet and greet, access ReelStar app beta features, and more.

ReelStar co-founder Navdeep Sharma said: He also said it would bring new opportunities to the Indian fashion industry.

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