SEC Charges Prompt NFT Marketplaces to Remove Mila Kunis’ Stoner Cats Collection

SEC Charges Prompt NFT Marketplaces to Remove Mila Kunis’ Stoner Cats Collection

In a recent development, prominent NFT marketplaces, including OpenSea, Blur, and Rarible, have taken decisive measures to delist the Stoner Cats NFT project, following charges filed by the United States Securities and Exchange Commission (SEC).

The Stoner Cats NFTs, which were initially launched in 2021, had been accessible for trading across nearly all major NFT trading platforms.

However, at present, OpenSea and Blur no longer feature any active listings for Stoner Cats NFTs, while Rarible has chosen to eliminate the project entirely from its platform.

OpenSea, while still maintaining the project page, has officially confirmed that Stoner Cats NFTs can no longer be purchased, sold, or transferred through their platform. OpenSea’s Community Standards page provides insight into the preservation of project pages online, even when trading functionalities are disabled, as they serve the dual purpose of being a blockchain explorer for NFTs.

Rarible has opted to entirely obscure the Stoner Cats collection from public view.

Despite the absence of Stoner Cats NFTs on Rarible and the suspension of trading on OpenSea, these digital assets persist on the blockchain and within the wallets of their holders.

What is the Stoner Cats NFT project?

Stoner Cats, a project co-created by renowned actress Mila Kunis and developed by her Orchard Farm Productions studio, initially distributed Ethereum NFTs that provided access to a six-episode web series featuring animated cats immersed in cannabis-themed adventures.

The project attracted substantial attention due to the participation of prominent celebrities such as Ashton Kutcher, Chris Rock, Jane Fonda, Seth McFarlane, and Ethereum founder Vitalik Buterin, who lent their voices to the characters.

The primary sale of Stoner Cats NFTs in July 2021 generated over $8 million in revenue, with the creators subsequently earning more than $20 million from secondary market sales.

SEC steps in against Stoner Cats NFT project

Last week, the SEC filed charges against the creators of the Stoner Cats project, alleging the sale of unregistered securities.

In response, the project’s creators have agreed to a cease-and-desist order and a $1 million civil fine. This sum will establish a Fair Fund to reimburse affected investors, although specific eligibility criteria are yet to be disclosed.

As part of the settlement, the creators have also committed to the destruction of any remaining NFTs in their possession.

Following the SEC’s charges, sales and prices of Stoner Cats NFTs witnessed a notable surge, reaching a pinnacle of 0.082 ETH (equivalent to $131) early on Thursday, as reported by NFT Price Floor data.

Currently, the project maintains a floor price of 0.05940 ETH, which translates to around $97. This represents a substantial 19.3% increase over the past 24 hours.

A changing landscape for the NFT market

It is important to acknowledge that the NFT market has undergone a profound transformation since its peak in 2021 and 2022.

Investors have observed significant declines in the value of their blue-chip NFTs, and several platforms have been compelled to cease their operations.

However, despite these challenges, substantial interest in NFTs persists, with major corporations unveiling their NFT-related initiatives.

For example, recently Honda Motor Co., Ltd (“Honda”) is teaming up with Animoca Brands Japan, Gryfyn, and GET Protocol to bring the world of Web3 to its motorsport enthusiasts in Japan. This partnership aims to offer fans exclusive digital experiences through the distribution of Honda Key NFTs.

And Casio has recently unveiled its innovative project “Virtual G-SHOCK,” which will serve as a dynamic interactive user community centered around their legendary line of shock-resistant watches.

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