Leading NFT platforms like OpenSea, Blur, and Rarible have removed the Stoner Cats NFT project from their listings, following allegations presented by the U.S. Securities and Exchange Commission (SEC).
Launched in 2021, Stoner Cats NFTs were once ubiquitously available across most prominent NFT exchanges.
As of the recent developments, neither OpenSea nor Blur feature active Stoner Cats NFT listings. Rarible has gone a step further, erasing the project entirely from their platform.
While OpenSea still showcases the project page, the platform has evidently confirmed that transactions involving Stoner Cats NFTs – be it purchase, sale, or transfer – are no longer permitted on their site.
For clarity, OpenSea’s Community Standards page highlights that even if a project’s trading capability is revoked, its page remains accessible. This approach is because OpenSea doubles as a blockchain explorer for NFTs.
Conversely, on Rarible, the entire Stoner Cats collection has been cloaked and isn’t accessible to users anymore.
LooksRare and X2Y2 Continue to Support Stoner Cats
While Rarible has delisted the NFTs and OpenSea has halted their trading, these NFTs still remain intact on the blockchain, safely stored in the wallets of their respective owners.
Notably, some platforms, including LooksRare and X2Y2, continue to host active listings for Stoner Cats NFTs.
The Stoner Cats initiative, birthed from the collaboration of actress Mila Kunis and her Orchard Farm Productions studio, offered Ethereum-based NFTs which acted as tickets to a web series spanning six episodes. This series showcased animated felines embroiled in comical escapades centered around cannabis.
The project’s allure was considerably amplified by the participation of prominent personalities such as Ashton Kutcher, Chris Rock, Jane Fonda, Seth McFarlane, and even Ethereum’s co-founder, Vitalik Buterin. These stars provided voiceovers for the animated characters, adding to the project’s appeal.
When the Stoner Cats NFTs were first introduced in July 2021, they raked in over $8 million from their primary sales. Moreover, secondary market transactions further augmented the creators’ earnings, amassing more than $20 million in value.
SEC Sues Stoner Cats NFT Project
Recently, the SEC took action against the Stoner Cats project’s creators, alleging they were involved in the sale of unregistered securities.
In the wake of these charges, the creators acquiesced to a cease-and-desist directive and agreed to remit a $1 million civil penalty. This sum is intended to seed a Fair Fund, designed to offer reimbursements to investors. Specific criteria determining eligibility for these reimbursements are still pending.
As part of the resolution, the creators also committed to eliminating any Stoner Cats NFTs still in their possession.
Interestingly, the SEC’s intervention sparked an uptick in the trading activity and valuation of Stoner Cats NFTs. Data from NFT Price Floor showed that the tokens touched a zenith of 0.082 ETH (equivalent to $131) on Thursday morning.
Currently, the project’s base price stands at 0.05940 ETH, approximated at $97, marking a 19.3% appreciation over the last day.
Nevertheless, it’s important to highlight the broader context: the NFT market has witnessed a significant paradigm shift since its golden period in 2021 and 2022.
Despite the downturn in the NFT market where many high-value NFTs have plummeted in price and several platforms have had to cease operations, there’s still palpable interest in this space, especially from high-profile companies.
For instance, Prada Group, the umbrella organization overseeing Miu Miu, has collaborated with the Aura Blockchain Consortium. Together, they have introduced blockchain-enabled services which empower customers to authenticate their purchases, ensuring they’re getting genuine products.
Similarly, Panerai, a renowned luxury watchmaker from Italy, has made public its intentions to incorporate an NFT “digital passport” for each watch sold post-October 3. This initiative underscores how companies are blending traditional luxury with modern technology to enhance customer experience and product assurance.
