The Many Layers of the SEC’s First NFT Enforcement Action Source
The Many Layers of the SEC’s First NFT Enforcement Action
Tag: NFT
NFT market witnesses lowest transaction volume in two years
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The NFT market has experienced a significant downturn in the last seven days, with trading volume of just $8.9 million — the lowest figure observed in the past two years. Adding to the concerns, the number of users engaged in NFT trading across the entire network has also hit a two-year low. Domination by Blur Back in April 2022, the NFT market volume reached $480,738,395. Comparatively, at the end of August this year, the weekly volume…
SEC charges Impact Theory over unregistered NFT securities offering
The SEC has charged Impact Theory for an unregistered NFT offering, marking its first enforcement action in the NFT sector. The Securities and Exchange Commission (SEC) charged Impact Theory, LLC on Aug. 28, a Los Angeles-based media and entertainment company, for conducting an unregistered offering of crypto asset securities in the form of non-fungible tokens (NFTs). This enforcement action represents a milestone as the first of its kind involving an NFT initiative by the SEC. Impact Theory, co-founded by YouTube and podcast host Tom Bilyeu, raised approximately $30 million from…
SEC charges podcaster in first unregistered securities sales claim against NFT offering
The United States Securities and Exchange Commission (SEC) has charged a media and entertainment company with conducting unregistered securities sales when it sold nonfungible tokens (NFTs) to investors between October and December 2021. Impact Theory, a Los Angeles-based company that produces entertainment and educational content, including several podcasts, allegedly raised almost $30 million through the sales of NFTs it called Founder’s Keys, which were offered in three tiers. The company “encouraged potential investors to view the purchase of a Founder’s Key as an investment into the business,” according to the…
Donald Trump NFT prices spike following release of mugshot in Georgia criminal case
The price of nonfungible tokens (NFTs) featuring Donald Trump surged after news outlets released a photo of the former United States President as part of his criminal case in the state of Georgia for allegedly attempting to subvert the will of voters in the 2020 election. According to data from NFT marketplace OpenSea, the floor price of Trump’s line of digital trading cards first released in December 2022 increased more than 62% from 0.138 to 0.224 Ether (ETH) on Aug. 24 shortly after the former president’s mugshot became public. The…
Top NFT floor prices plunge while sales slightly hike
The NFT sales have been constantly dropping since early 2022. The floor prices of some of the top NFT collections plunged further over the past week. According to data provided by CoinGecko, over the past week, the floor prices of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) declined by 21% and 27%, respectively. Per the price aggregator, the starting cost of a BAYC collectible sits at 24.5 Ethereum (ETH), worth around $41,060 at the time of writing. NFT Floor Price Δ % Over the Past Week…
Major NFT Collections Post Double-Digit Monthly Losses as Floor Prices Drop
Losses in the NFT markets have exceed ether’s decline, which is down 9.6% on-month. Source
NFT marketplace Rarible sees uptick after commitment to royalties
Nonfungible token (NFT) marketplace Rarible has seen a substantial uptick in trading volume over 24 hours following a public statement in support of maintaining NFT creator royalties. It comes as competitor NFT marketplaces such as OpenSea have rewound support for royalties and royalty enforcement — prompting other NFT projects to also begin rewinding support for OpenSea. Data from the analytics platform DappRadar shows that 24-hour fiat trading volume on Rarible reached $1,500 across 38 sales for Aug. 23, clocking a 653% increase from the day before. 1/ Following @rarible‘s decision…
Rarible To Stop Aggregating Orders From These Three NFT Marketplaces
Non-fungible token (NFT) aggregator Rarible has plans to cease aggregating orders from marketplaces OpenSea, LooksRare, and X2Y2. The decision comes after OpenSea decided to shift to an optional royalty model. On Thursday, August 17, OpenSea disclosed that royalties – pay cuts from secondary sales – will become optional for new NFT collections after August 31, 2023. Meanwhile, royalty fees for NFT collections that currently utilize the Operator Filter – a feature that enforces creator royalties – will become optional after February 29, 2024. Although the optional royalty model has always…
SEC may approve Ethereum futures ETF as DigiToads launches NFT game
In the crypto markets, things can happen very slowly and then all at once. An insider recently revealed that a US regulator could fast-track the approval of several futures products for Ethereum. Currently, more than 12 futures products are on the pending list. However, the Securities and Exchange Commission’s (SEC) unexpected move on Ethereum futures exchange-traded fund (ETF) will likely see them all approved at once. The expected capital influx to Ethereum (ETH) could boost its ecosystem, and analysts are confident this could also support ERC-20 tokens. Popular decentralized finance…