A dissent from two SEC commissioners raises questions about NFTs broadly.
announced its first enforcement action against NFTsThe SEC said the NFTs issued by Impact Theory were unlicensed securities. The company agreed to a cease-and-desist order, paid $6.1 million in penalties, and agreed to destroy all of the NFTs in question still in its control. Impact Theory will also eliminate any royalties that it might have received from sales of those NFTs on secondary markets.
It’s not clear whether the enforcement action means the SEC broadly views NFTs as securities offerings In 2021, the company sold three tiers of NFTs that it called Founder’s Keys. “Impact Theory invited potential investors to view the purchase of a KeyNFT as an investment into the business, stating that investors would profit from their purchases if Impact Theory was successful in its efforts,” the SEC complaint says.
“Now as we’re building out this IP, imagine that you could’ve gotten in on Disney when they were doing Steamboat Willie, and that’s how we think of the Legendary tier,” an Impact Theory team member said, according to the complaint. “That’s how we think of this whole first drop quite frankly.”
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