The U.S. Securities and Exchange Commission is suing a non-fungible token project, marking the first time the authority has taken enforcement action against a company for selling unregistered NFTs.
Impact Theory, a Los Angeles-based media company, “encouraged potential investors to view the purchase of Founder’s Key [the company’s NFT project] as an investment into the business, stating that investors would profit from their purchases if Impact Theory was successful in its efforts,” the SEC order said, adding that the digital assets offered to investors were in the form of “investment contracts” and therefore “securities.”
All in all, Impact Theory raised around $30 million from hundreds of investors, …
