Epic Games releases lawyers on BSC token with market cap around $300

Neither the author, Ruholamin Haqshanas, nor this website, The Tokenist, provides financial advice. Please review our website policy before making any financial decisions.

Tim Sweeney, CEO and co-founder of Epic Games, recently castigated to a token that trades under the name “Fortnite Token”. He also criticized “cryptocurrency markets” for enabling the trading of these cryptocurrencies. It should be noted that the total market capitalization of Fortnite Token does not exceed $300.

Notably, Sweeney’s remarks against fraudulent cryptocurrencies come at a time when Epic Games is preparing to roll out the first NFT game to its store.

Epic Games CEO reports Fortnite cryptocurrency ‘scam’, says lawyers ‘are on it’

On Monday, Sweeney took to Twitter to clear up any possible confusion, announcing that there was no cryptocurrency tied to Fortnite. “There is no Fortnite cryptocurrency,” he said, adding that Twitter accounts promoting such tokens are “scams” and that the company’s lawyers will take legal action against them. them.

The CEO also attacked “cryptocurrency markets” that allegedly “allow” the trading of these unofficial and unauthorized cryptocurrencies. “Also, shame on the cryptocurrency markets that allow this sort of thing,” he said.

Sweeney may be referring to decentralized exchanges such as SushiSwap, PancakeSwap, and CronaSwap when he mentions “cryptocurrency markets.” However, it should be noted that these platforms allow users to trade virtually any token as long as those users manually enter the contract address of the token.

In a series of replies, Sweeney specifically pointed to the “Fortnite Token” (FNT), calling the token and the team behind it a “scam”. “This account is running a scam,” Sweeney wrote, referring to the @fortnite_token Twitter account. “Anyone involved in this is being scammed,” he added in another reply.

The Twitter account behind the unauthorized Fortnite token attempted to chat with Sweeney. “This is a cryptocurrency project created by fans of Fortnite games, fairly launched and community driven, with no specific owner or corporate structure behind it or a CEO deciding its future,” said the account.

In response, Sweeney noted that Fortnite is a registered trademark of Epic Games, meaning the company owns all rights to the trademark and no one else can use it unless they get permission. “You may not use Fortnite’s name and images without permission to market an unrelated product,” he said. said.

It should be noted that the token in question has received little attention from investors. According nomic data, the FNT token, which is based on Binance Smart Chain, is down about 97% from its all-time high. Moreover, the coin had a trading volume of $20 in the last 24 hours and a market capitalization of around $300.

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Epic Games will launch the first NFT game

Sweeney’s remarks against fraudulent tokens come at a time when Epic Games is gearing up for the first NFT game on its store. Gala Games’ GRIT, a Wild West-themed cowboy battle royale game, is set to become the first NFT-powered game to launch via the Epic Games Store, the company announcement In Monday.

GRIT, which is expected to launch later in 2022, will be a free-to-play online multiplayer game for Windows PC gamers. The game will also feature NFTs that can be purchased, resold and used in-game. John Osvald, President of Gala Games, said:

“Epic is a pioneer and a visionary in the video game industry. The availability of Gala Games titles on the Epic Game Store brings legitimacy to this new genre of game. Easy access to Web3 games is a turning point for gamers who have yet to see how digital ownership can enrich the gaming experience.”

As reported, in October 2021, Epic Games revealed that it would be open to blockchain-based games after rival platform Steam banned NFT-powered games.

Notably, Sweeney did not always support NFT-powered games. In September he said that Epic Games isn’t “touching NFTs as the whole field is currently tangled with an unsolvable mix of scams”. However, he ostensibly changed his position. He said Monday:

“When a new technology comes out, some people use it well and some people use it badly. It would be terribly myopic to ban an entire area of ​​technology for such a reason.

Nevertheless, it should be noted that NFTs have not received a warm reception in games. While games argue that NFTs can help improve the player experience and add value to gaming, players seem to see these tokens as another money grabbing attempt by gaming companies. In fact, for this reason, Ubisoft’s Ghost Recon Breakpoint game received a massive backlash after unveiling NFT integration.

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About the Author

Ruholamin Haqshanas is an accomplished crypto and finance journalist with over two years of writing experience in the field. He has a solid understanding of various segments of the FinTech space, including the decentralized iteration of financial systems (DeFi) and the emerging non-fungible token (NFT) market. He is an active user of digital assets for remittances.

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