NFT

Subscribe to NFT via RSS

The SEC has, in rapid fire, announced enforcements against two NFT projects for allegedly violating securities laws. The first action announced August 28, 2023 was against Impact Theory and the second action announced September 13, 2023 was against Stoner Cats. In both cases, two SEC Commissioners dissented. The SEC has taken these actions despite not first offering specific guidance on the applicability of securities law to NFTs. While these actions have come as a surprise to many in the NFT industry, we have been cautioning NFT projects about these issues for some time. And in our NFT Regulatory Issues – a 2022 Review and 2023 Preview, we commented:Continue Reading SEC Enforcements Against NFTs – Are You Next?

On August 28, 2023, the Securities and Exchange Commission (“SEC”) instituted cease-and-desist proceedings under Section 8A of the Securities Act against Impact Theory, a Los Angeles media and entertainment company, alleging that the company’s sale of non-fungible tokens (“NFTs”) violated the registration requirements under the Securities Act of 1933 (the “Act”). Continue Reading The SEC’s Sudden Impact on NFTs!

The use of blockchain technology by game companies is nascent but growing. As a transaction based-technology, blockchain is well suited to manage in game economies through tokenized game assets and the use of cryptocurrency for payment. This also provides a benefit to players in that they can truly own their assets, as opposed to just having a terminable license as is the case with most traditional online games. Blockchain and NFTs hold great promise. If your business gets involved with these technologies it is critical to get solid legal advice before you get too far down the road.
Continue Reading Will Blockchain Game Use Drive Greater Overall Blockchain Adoption?