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.

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
The River of Emeralds
Golden conditions at one of my favorite locations in the Rockies. The light, the colors, the textures; what more can you ask for? I just loved the way this river flowed into the sunset and the mountains in the background. It's rare you find a scene as perfect as this one. But when you do, you have to take advantage of it.
The Scion
A young figure caught in a moment of distraction, aware only ephemerally of his unconscious being, as it engages in psychological and psychedelic layer spaces. His right arm casually cradles a moray eel; the figure is comfortable but not truly aware of the potentials for danger in such negligence. His shirt reads “Bello” in Pokemon style font, harkening back to a childhood straddling the millennial threshold. To his right side, out of the unconscious deep, shrouded alien heads propagate as a fractal totem, each new iteration a more sophisticated rendering of emotional masking over the cold mystery of the greys. As the scion of the Budgie-Sattva, the young man, in his distraction, is also simultaneously aware of higher levels of self discovery. To his left a psychological topology sets beneath the oracle side of an 8 ball ,hovering; its message a purest concept of acceptance. The “Scion” lettering is in 80’s HeMan style bold declaration. The lower right side of the painting is like a hybrid of melon, feathers, and seeds. The crystals in the background bring light; conducted, refracted, reflected, and dispersed, to balance the dark shadow of the figure’s physical body. The aura of the scion succeeds in layers to point, with a finger, and the crown chakra, toward a center of a mandala existing as nigh pure application of strokes, in essence painterly abstraction, but also revealing hints of the Aura of migraine, and the bi-hemispherical nature of the brain–noting concerns of the possibility of inherited mental disease. Yet the flourish of chakra as it sets against that center is robust, active, coherent, and reveling against all fear. Fundamentally, the piece speaks to the activation of one’s potential to begin to “Know Thyself”, and find greater awareness out of the enigmas of the mind–as an inculcated seed given to the rich soil of one’s own birthright.
The Trophy - 2020
Spasms ensue, then cease. Sinking is ever peaceful. Bodies of blood become a single body of water. Life swallows life; violence is an added inconvenience. One will pray to not be born into unforgiveness. Imperfection will be punished swiftly, no need to see adulthood, one look is enough to know. Unnecessary trouble must be avoided. Seeking a new beginning, solitude will forever be an oasis. Indulging in fantasy and seclusion, the living feel compelled to look elsewhere, to abstain from the view of their livid past. A fossil offering to the future self. The bare experience of being remains, raw and devoid of humanity. “This is all I am, forgive me.”
Rogue Society Bots #10097
Rogue Society Bot is a collection of 15,777 unique Rogue Bot NFTs— unique digital collectibles living on the Ethereum blockchain. Your Rogue Bot doubles as your Rogue Society membership card, and grants access to members-only benefits and experiences. Future perks can be unlocked by the community through roadmap activation. Visit www.roguesociety.io for more details.
Banksta
Pump, dump and bump Banksta to death. Demon or dead normal? Print fiat at will. What more do you want?