TechFlow news: The SEC has accused Stoner Cats 2 LLC (SC2) of conducting an unregistered offering of crypto asset securities in the form of NFTs, raising approximately $8 million to fund an animated web series called "Stoner."
According to SEC filings, on July 27, 2021, SC2 sold over 10,000 NFTs to investors at about $800 each, which sold out within 35 minutes. The documents state that SC2's marketing efforts, both before and after the public sale of the Stoner Cats NFTs, emphasized specific benefits of owning the NFTs. SC2 implemented a 2.5% royalty fee and encouraged individuals to buy and sell the NFTs.
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