--- title: "Shockingly, This NFT Metaverse Casino Is Already in Big Trouble" description: "Watch out for Slotie, a \"metaverse casino\" that was just issued an emergency cease-and-desist order by four different US states." date: "2022-10-22" modified: "2022-10-22" authors: - name: "Maggie Harrison Dupré" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/mharrison" url: "https://futurism.com/the-byte/nft-metaverse-casino-trouble" categories: - "Blockchain" - "Future Society" - "Metaverse" - "NFTs" - "Virtual Reality" tags: - "crypto" - "nft" - "nfts" - "the digest" --- # Shockingly, This NFT Metaverse Casino Is Already in Big Trouble ![Watch out for Slotie, a "metaverse casino" that was just issued an emergency cease-and-desist order by four different US states.]() *\Image: Pexels\* ## Not Like Other Girls A word of advice? Maybe avoid giving any of your hard-earned cash to Slotie, a "metaverse casino" that was just issued an emergency cease-and-desist order by four different US states. According [to *CNBC*](), officials in Texas, Kentucky, New Jersey, and Alabama have accused the digital gambling house of soliciting and defrauding retail investors by way of its Slotie NFTs, creatively dubbed "Sloties." "Sloties are your ticket into the largest and fastest growing online Casino network on the blockchain," reads the company's site. "This is not your average Slot Machine: with Sloties it's your house, your rules." Sadly, though, while Slotie isn't the "average" slot machine, investors probably placed a poor bet. ## Slotie Betrayal Slotie's alleged scam seems like pretty run-of-the-mill web3 securities fraud. The site, which operates out of the country of Georgia, effectively marketed its NFTs as stocks, promising users a stake in the casino's profits in exchange for the purchase of their digital assets. Which, well, would make those NFTs securities; Slotie, however, failed to register them as such. "The actions accuse Slotie of issuing 10,000 Slotie NFTs that are similar to stock and other equities," \_\_\_\_\_. "The Slotie NFTs purportedly provide investors with ownership interests in the casinos and the right to passively share in the profits of the casinos." The site has also been accused of bolstering its so-called investments via manufactured hype, claiming that in one product drop, 10,000 of its assets sold out in under 10 minutes. "There is no evidence on the blockchain," reads the New Jersey filing, "of 10,000 Slotie NFTs selling out in under 5 minutes." Another telltale warning sign? NFT buyers weren't given any way to actually contact the company or its owners. ## Red Flags But while there were clearly some red flags here, Slotie was really just capitalizing on the same tactics used by even the most mainstream crypto operations: convincing people they're getting in on the ground floor of something big, even if they don't really understand what it is to begin with. "The latest metaverse investment products — NFTs that purport to provide passive income — often bear significant undisclosed risks," Joe Rotunda, Texas' securities board director, told *CNBC* in a statement. "These risks are often significant," he continued, "and investing in virtual realities can leave investors virtually broke." READ MORE: *[Four U.S. states order a metaverse casino to halt sale of NFTs]()* \[ ## Author At Futurism, I've reported extensively on the rise of AI as a cultural and business force shaping the media industry, and more broadly how those dynamics are changing how we all consume and share information and relate to one another. I'm also fascinated by public health policy and ethics, the role of emerging tech in politics and governance — and the powerful people and forces at those intersections — climate change, and the environment. My investigation on Sports Illustrated's use of AI-generated authors with fictional biographies won a 2024 Mirror Award for "Best Story on Media Coverage of Artificial Intelligence in Journalism and the Media" from Syracuse University's SI Newhouse School, I contributed to Niemen Lab's 2025 Predictions for Journalism series, and I've discussed my work for Futurism during appearances on NPR, CNN, the BBC, the CBC, and more. I grew up in rural Pennsylvania and attended the University of Massachusetts Amherst, where I played Division I field hockey for the Minutewomen as a midfielder. Since then, I've lived in New Orleans, Louisiana and Manhattan, New York. I spend my free time running, reading, perusing archival fashion, and searching for the world’s best negroni. I also have a debonair tuxedo cat, Westley, who's named after "The Princess Bride." ### Author social links [Bluesky]()