Gary

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    <p>It was widely reported yesterday that a Mila Kunis-backed NFT cartoon project called <a rel="dofollow" title="Stoner Cats" href="https://thebittimes.com/tag/stoner-cats.html">Stoner Cats</a> had been ordered by the Securities and Exchange Commission (<a rel="dofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a>) to cease operations, pay a fine of $1 million, and begin a “fair fund” to save money that can go towards reimbursing victims.</p> 
    <p>However, the move by the SEC has seemingly caused the floor price of Stoner Cat NFTs to skyrocket over 250%. Sale volumes have shot up 2,500%.</p> 
    <p>EOS famously received what amounted to little more than a slap on the wrist — a $24 million fine for a $4 billion raise. Similarly, the creators of Stoner Cats are walking away from the project with an initial $8 million raised and an additional $500,000 earned from royalties, meaning even if many NFTs are returned, there’s little chance the project will be unprofitable.</p> 
    <figure class="wp-block-image size-large">
     <img decoding="async" loading="lazy" width="1024" height="576" src="https://cdn.thebittimes.com/images/2023/09/14/0413a354fe249aef63272a5bb35bf3dc.webp" alt class="wp-image-45872" srcset="https://cdn.thebittimes.com/images/2023/09/14/0413a354fe249aef63272a5bb35bf3dc.webp 1024w, https://cdn.thebittimes.com/images/2023/09/14/0413a354fe249aef63272a5bb35bf3dc.webp 300w, https://cdn.thebittimes.com/images/2023/09/14/0413a354fe249aef63272a5bb35bf3dc.webp 768w, https://cdn.thebittimes.com/images/2023/09/14/0413a354fe249aef63272a5bb35bf3dc.webp 1536w, https://cdn.thebittimes.com/images/2023/09/14/0413a354fe249aef63272a5bb35bf3dc.webp 1200w, https://cdn.thebittimes.com/images/2023/09/14/0413a354fe249aef63272a5bb35bf3dc.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
    </figure> 
    <p>If we deduct the $1 million fine and take a guess at how much money will go into the fair fund, (perhaps another $1 million), Stoner Cats would have still raised $6.5 million in a matter of weeks. This implies that the project, which only ever aired seven episodes between five to seven minutes each, spent <strong>~$133,000 per minute of content</strong>.</p> 
    <p>According to the project’s website, Stoner Cats is “a story of a woman who uses medical marijuana to alleviate her early Alzheimer’s symptoms and her beautiful family of cats who will do literally anything to save her.”</p> 
    <p>Along with Mila Kunis, the star-studded main cast features an odd mix:</p> 
    <ul> 
     <li>Ashton Kutcher,</li> 
     <li>Chris Rock,</li> 
     <li>Dax Shepard,</li> 
     <li>Gary Vaynerchuk,</li> 
     <li>Jane Fonda,</li> 
     <li>Seth McFarlane, and</li> 
     <li>Vitalik Buterin.</li> 
    </ul> 
    <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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      <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
       <p lang="en" dir="ltr">Listen up mfs (my friends): episode 6 comes out December 23rd!! ️ pic.twitter.com/hgQrvcaE4i</p>— Stoner Cats (@stonercatstv) December 15, 2022
      </blockquote> 
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     <figcaption class="wp-element-caption">
      A snippet of a Stoner Cats episode.
     </figcaption>
    </figure> 
    <p><em>Read more: Creator of Mila Kunis-backed <a rel="dofollow" title="Stoner Cats" href="https://thebittimes.com/tag/stoner-cats.html">Stoner Cats</a> series pays $1M to settle <a rel="dofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a> charge</em></p> 
    <p>There’s certainly arguments to be made about whether or not royalties associated with specific NFTs are instantly a security. However, it’s clear that the creators of Stoner Cats, Chris Cartagena, Ash Brannon, and Sarah Cole, felt it wasn’t worth fighting the SEC over.</p> 
    <p>When asked if the creators could continue to collect the 2.5% royalty on the NFTs not in their possession, a lawyer familiar with the case replied, “The order is silent as to the actual resale royalty, but contains a blanket order against future violations,” adding “if Stoner Cats doesn’t immediately forfeit any proceeds they have likely violated the agreement.”</p> 
    <p>The creators have posted the <a rel="dofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a> orders on their Twitter account, however the website makes no mention of the <a rel="dofollow" title="action" href="https://thebittimes.com/tag/action.html">action</a> at press time.</p> 
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/floor-price-of-stoner-cats-nfts-up-250-after-sec-action-tbt62735.html">https://thebittimes.com/floor-price-of-stoner-cats-nfts-up-250-after-sec-action-tbt62735.html</a></p>

Floor price of Stoner Cats NFTs up 250% after SEC action

TheBitTimes

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