30/08/2023 The SEC brings its first NFT enforcement action

Illustration of a museum frame with a crypto block in it falling off a wall and tipping over forward.

Illustration: Brendan Lynch/Axios

U.S. regulators continue to hammercryptofirms with enforcement actions, the latest of which dragsNFTsinto the mix.

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Driving the news: The Securities and Exchange Commission on Mondaysued Los Angeles-based podcasting firm Impact Theory for allegedly offering securities in the form of non-fungible tokens (NFTs), raising more than $30 million through sales in late 2021.

Background:Impact Theory offered 20,000 NFTs at three levels of rarity ina 2021 offering. The tokens gave buyers "levels" of access to things the company would create, such as to discounts and events.

  • Of note: Impact Theory is not really an NFT company, rather it appears to be a bare-bones entertainment shop centered around entrepreneur Tom Bilyeu.

The intrigue: The SEC's action Monday comes in spite of the company's attempt to remedy the allegations, repurchasing the NFTs, calledFounder's Keys, in the months following the sales, and returning roughly $7.7 million worth of ETH.

What they're saying: Without admitting or denying the SEC's allegations, Impact agreed to destroy the NFTs in question and pay combined penalties of more than $6 million.

What others are saying: SEC commissioners Hester Peirce and Mark Uyedadissentedin the enforcement action, explaining they disagreed, in part, with the application of theHowey analysis.

Arts

https://www.axios.com/2023/08/28/sec-nft-podcasting-impact-theory

Interesting NFTs
T(r)opical
Inspired by and for the 2018 North American Bitcoin conference in Miami, Florida. The palm tree that has a cracked open Bitcoin coconut suggests that by traveling you can enjoy this tropical digital fruit. The peacock nesting in the tree has spread its wings to flaunt other integrated crypto logos as well. The famous Miami skyline at the bottom incorporates the coins, as well as the code that is transforming the banking buildings that made it. The origin of that skyline is in the 80's cocaine craze, so it is all incorporated into the story of foundational transformation, linked to a global movement. The file size is suitable for an 8K TV. Mr. Moe Levin, the founder of the conference is a collector a physical print of the work. Explainer video: https://www.youtube.com/watch?v=2J0ZfPCJdxY&feature=emb_title Upload resolution 8000x4000 PX at 300DPI
Domestic - 2017
“Domestic is the manifestation of the cultural patriarchy in my home. The wooden "woman's" tragedy of false desire. It was done in a moment of breakup. The hollow 3d body & its lost eyes, invites you to fill up. Trying to reach out, encumbered and wrapped in its own fragility, the new mother rises."
#10134
By OthersideDeployer
Crossroad
LIMITED EDITION 1/1 | includes signed limited edition prints of all 3 states (pre-election, Trump win, Biden win) This piece is a first for Nifty, a token that will change based on the outcome of the election. If anything is constant about the times we now live in, it's uncertainty. This uncertainty is perfectly encapsulated in this piece of artwork as the person buying the piece will not know the final artwork. The artwork will be one state at auction before the election, and after the results of the election are known, will forever change to reflect a Trump or Biden win. PLEASE FUCKING NOTE: If trump wins, this token will change to that video of sexy boi king trump stomping through hell FOREVER. I don’t want you coming back to me bitching that you spent $2M* on this and now it’s a video of orangeman going HAM and it’s keeping u up at night popping mad boners. should have voted bruh. *and stfu that this isn’t gonna be worth a fuckton more when I hit 30 years of everydays and have a permanent collection in the MOMA. smh.
Okay Bulls #2271
Okay Bulls is a clean collection of 10,000 bulls building a bullish community that will transcend the internet into the real world.