Impact

April

<ul> 
 <li>The entire NFT market had its lowest weekly transaction volume in the preceding 2 years.</li> 
 <li>The firm’s unregistered sale of NFTs violated the Securities Act of 1933 as per SEC.</li> 
</ul> 
The number of people involved in <a href="https://thenewscrypto.com/nft-news-nft-firm-recur-announces-shut-down-of-the-web3-platform/" target="_blank" rel="noreferrer noopener">NFT</a> trading has dropped to a level not seen in last two years. In April of 2022, the NFT market had $480,738,395 in volume. However, the weekly volume has decreased to a meagre $10,054,152 as of the end of August 2023. 
Moreover, in recent weeks there were about 50,000 people actively involved in NFT trading, which may be indicative of a larger trend of waning interest in the NFT market. Also, the entire NFT market had its lowest weekly transaction volume in the preceding two years, at only $73.2 million. For a long time now, the NFT market has been underperforming with prominent NFT collections witnessing record low floor prices. 
<h3 class="wp-block-heading" id="h-struggle-continues">Struggle Continues</h3> 
Now the recent action by the U.S SEC has only made things worse for the already struggling sector. After selling NFTs to investors between October and December 2021, a media and entertainment firm has been accused by the U.S <a href="https://thenewscrypto.com/bitcoin-news-hashdex-files-spot-bitcoin-etf-application-with-the-u-s-sec/" target="_blank" rel="noreferrer noopener">SEC</a> of engaging in unregistered securities transactions. Nearly $30 million was reportedly obtained by Los Angeles-based content creator Impact Theory via the selling of NFTs dubbed Founder’s Keys, which were sold in three levels. 
Moreover, the corporation allegedly told prospective investors that buying a Founder’s Key was like buying a piece of the company, as per the SEC. Also, according to the Securities and Exchange Commission, the firm’s unregistered sale of NFTs violated the <a href="https://www.govinfo.gov/content/pkg/COMPS-1884/pdf/COMPS-1884.pdf" target="_blank" rel="noreferrer noopener nofollow">Securities Act of 1933</a>. Impact Theory has consented to a cease-and-desist injunction. 
Without admitting or contesting the SEC’s allegations, the corporation was compelled to pay over $6.1 million in penalty. In addition, a fund will be established to reimburse those who purchased Founder’s Key NFTs. 
Highlighted Crypto News Today: 
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SEC Charges Creator for Unregistered NFT Sales Amidst Market Struggle

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