Last Updated on May 31, 2024 by newseditor
At well-known markets like OpenSea, Blur, and Rarible, the Stoner Cats NFT project is no longer for sale. The actions come after last week’s disclosure that the US SEC has accused the inventors of selling unregistered securities.
The celebrity-filled animation series-related Ethereum non-fungible tokens were first offered for sale in 2021 and have since been traded on several exchanges. However, as of this writing, Rarible no longer lists Stoner Cats NFTs on its website, and neither OpenSea nor Blur displays any active listings for the project.
A representative for the marketplace confirmed to Decrypt that Stoner Cats NFTs cannot currently be purchased, sold, or transferred via OpenSea, even if the project page is still displayed there. OpenSea states on its Community Standards page that it prefers to maintain project pages even after trading has been turned off because the website is also used as a blockchain explorer for non-fungible tokens.
According to Rarible, the market “blocked them based on our market monitoring of recent events.” Rarible confirmed this to Decrypt. On the other hand, in response to Decrypt’s request to confirm a trade prohibition, Blur remained silent.
The NFTs are still on the blockchain and in the holders’ wallets, even if they are no longer listed on Rare and cannot be traded on OpenSea. Also, they are still available for sale on the websites that offer them; as of the time of writing, listings for Stoner Cats NFT are live on LooksRare and X2Y2.
Actress Mila Kunis, whose Orchard Farm Productions company worked on the production, co-created Stoner Cats. The project sells Ethereum non-fungible tokens for access to the six-episode web series about the escapades of cartoon cats who get high.
With her husband, Ashton Kutcher, actress Jane Fonda, “Family Guy” creator Seth McFarlane, and even Ethereum co-founder Vitalik Buterin, Kunis portrayed one of the cats in the animated film.
Stoner Cats earned over $8 million on the primary sale of 10,420 NFT passes in July 2021. According to SEC statistics, the founders also received a portion of the nearly $20 million in secondary market transactions that followed.
The developers reached an agreement with the SEC over claims of selling unregistered securities. They also agreed to pay a $1 million civil fine, which would be used to create a Fair Fund to compensate investors. The specifics of eligibility have yet to be published. According to the agency, the Stoner Cats authors also committed to destroying any leftover NFTs.
Conclusion
Due to SEC charges that Stoner Cats NFTs were selling unregistered securities, popular platforms like OpenSea, Rarible, and Blur have removed the NFTs from their catalog. In addition, reports show that their worth has considerably decreased since their removal from important markets.
