Following allegations filed by the United States Securities and Exchange Commission (SEC), major NFT markets such as OpenSea, Blur, and Rarible have withdrawn the Stoner Cats NFT project from their platforms. The Stoner Cats NFTs, which were first launched in 2021, have been frequently traded on a variety of NFT trading platforms. However, in reaction to the SEC’s efforts, some platforms acted quickly to rectify the matter.
As of now, OpenSea and Blur have disabled all active listings for Stoner Cats NFTs. While OpenSea still maintains the project page, the marketplace has explicitly stated that Stoner Cats NFTs can no longer be bought, sold, or transferred through their platform. OpenSea has clarified that project pages remain online, serving as blockchain explorers for NFTs even when trading is disabled.
Rarible Removes Stoner Cats Project
Rarible, on the other hand, has gone a step further by completely removing the Stoner Cats collection from its platform. The collection is no longer visible to the public, signaling a more decisive stance taken by Rarible in response to the SEC charges.
Despite these actions taken by major NFT marketplaces, Stoner Cats NFTs continue to exist on the blockchain and within the wallets of their respective holders. Some marketplaces, including LooksRare and X2Y2, still maintain active Stoner Cats NFT listings, allowing traders to engage with the collection.
Stoner Cats’ Unique Origin and Celeb Involvement
Stoner Cats, a project co-created by actress Mila Kunis and developed by her Orchard Farm Productions studio, introduced Ethereum NFTs that provided access to a six-episode animated web series featuring cats in cannabis-related adventures. The project garnered substantial attention due to the participation of high-profile celebrities such as Ashton Kutcher, Chris Rock, Jane Fonda, Seth McFarlane, and Ethereum founder Vitalik Buterin, who lent their voices to the characters.
The recent SEC charges against Stoner Cats involved allegations of selling unregistered securities. In response to these charges, the creators of Stoner Cats agreed to a cease-and-desist order and a $1 million civil fine. The fine will establish a Fair Fund to reimburse investors, although specific eligibility details are yet to be announced. As part of the settlement, the creators also committed to destroying any remaining NFTs in their possession.
Stoner Cats NFT Price Surge Amid SEC Charges
Interestingly, following the SEC charges, the sales and prices of Stoner Cats NFTs experienced a surge. At one point, prices reached a peak of 0.082 ETH ($131) during the early hours of a Thursday, according to NFT Price Floor data. As of now, the project maintains a floor price of 0.05940 ETH (approximately $97), indicating a 19.3% increase over the past 24 hours.
While the NFT market has witnessed fluctuations since its peak in 2021 and 2022, it remains a space of continued interest and innovation. Notably, big companies like Prada Group and Panerai have recently ventured into the NFT landscape to explore new ways of engaging with their customers and verifying product authenticity.
The actions taken by major NFT marketplaces in response to the SEC charges against Stoner Cats underscore the growing regulatory scrutiny in the NFT space and its impact on existing projects and market dynamics.
