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

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

In a December 15 notification, FEC stated that DataVault is “permissible” to distribute NFTs as an incentive for political campaigns without breaking 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 that it regularly offers its non-political clients would be a permissible extension of credit in the ordinary course of business,” FEC chair Allen Dickerson said.

“Under the Act and Commission regulations, an incorporated commercial vendor may extend credit to political committees under terms substantially similar to those the vendor offers non-political debtors. DataVault is a ‘commercial vendor’ because its usual business involves the provision of the same services that it proposes to provide to political committees,” he said.

ReelStar’s On-The-Spot NFT Creation Zone

ReelStar app, a Web3 -integrated social media platform, has become the “title” sponsor of The Great Indian Sneaker Festival. Artists will get an opportunity to create NFTs using the ReelStar app on-the-spot. According to the company, the artists will get an opportunity to create artwork 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 view the NFTs 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 a new world of experience and opportunities for Indian creators anywhere in the country.” He said it would also bring new opportunities for the Indian fashion industry.