SEC's Legal Crackdown on Stoner Cats NFT Collection Shakes the Market
Intriguingly, the NFT universe witnessed a seismic shift as the highly anticipated Stoner Cats NFT collection, co-created by the renowned actress Mila Kunis and entwined with a celebrity-filled animated series, was abruptly ousted from major NFT marketplaces such as OpenSea, Blur, and Rarible. The culprit behind this astonishing turn of events? None other than the U.S. Securities and Exchange Commission (SEC).
As reported by Coinmarketcap on Thursday, September 21, 2023, this development transpired following SEC's allegations against the developers for selling unregistered securities. Both OpenSea and Rarible have swiftly confirmed their prohibition of Stoner Cats NFT trading, and Blur currently lacks any listings following the SEC's intervention.
Although NFTs can no longer be bought, sold, or transferred on these platforms, they continue to exist securely on the blockchain and within the wallets of their holders. Interestingly, a few markets, such as LooksRare and X2Y2, still exhibit Stoner Cats NFT listings online.
In a bid to resolve the matter, the developers struck an agreement with the SEC, consenting to pay a civil penalty amounting to USD 1 million and destroy the remaining NFTs in their possession.
This marks yet another instance of the SEC cracking down on unregistered securities offerings within the cryptocurrency industry, underlining the broader regulatory efforts by the SEC to ensure securities law compliance.
Stoner Cats NFT Project: A Price Rollercoaster Ride
Prior to the ban imposed by NFT trading platforms, the Stoner Cats NFTs experienced a remarkable surge in their underlying value and trading volume within the digital collection. Data sourced from Opensea and NFT Price Floor revealed that the floor price reached an all-time high of 0.084 ETH, approximately USD 136. Before the SEC's intervention, Stoner Cats' floor price was hovering around 0.0189 ether, or roughly USD 30.73, based on the prevailing ETH exchange rate.
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