The moves appear to be in line with a recent announcement by the US SEC.
By Mayowa Adebajo
Edited by Julia Sakovich
Updated
2 mins read
Some popular non-fungible token (NFT) marketplaces have banned the Stoner Cats NFTs from being traded on their platforms. Notable examples of such marketplaces include OpenSea, Blur, and Rarible.
The moves, however, appear to be in line with a recent announcement by the United States Securities and Exchange Commission (SEC). As Coinspeaker reported last week, the regulator indicted the project’s creators, claiming that they sell unregistered securities. And that may have caused OpenSea and others to distance themselves from Stoner Cats NFT trades, so as not to have any run-ins with the SEC.
As of press time, OpenSea has disabled trading for Stoner Cats NFTs. That is, they can no longer be bought, sold, or transferred via the platform. Interestingly, however, OpenSea still shows the project page. According to its Community Standards page, OpenSea explains that it may have disabled trading, however, it chooses to keep the project page online because the site is also used as a blockchain explorer for NFTs.
Rarible has also blocked the trading of Stoner Cats NFTs. The platform confirmed that it “blocked them based on market monitoring of recent events.” Whereas, Blur, on the other hand, does not even show any active listings after the SEC settlement.
Interestingly, the Ethereum NFTs – which are tied to a celebrity-packed animated series – can still be found on the blockchain and in the wallets of holders. Even more, they are still tradable on some marketplaces that still list them. Examples include LooksRare and X2Y2.
Stoner Cats was co-created by actress Mila Kunis, whose Orchard Farm Productions studio developed the project. The project features a collection of Ethereum NFTs that centers around the exploits of cartoon cats that get high.
Some of the cats are voiced by prominent celebrities including Kunis herself, Jane Fonda, Chris Rock, and several others. Interestingly, it also features voices from renowned crypto personalities such as that of Ethereum founder Vitalik Buterin.
Per SEC data, Stoner Cats sold 10,420 NFT passes in July 2021, to make over $8 million from its primary sale. Shortly after, the creators also saw a cut from over $20 million worth of secondary market sales.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
