The management of the non-fungible token (NFT) platform OpenSea announced that they had to suspend the sale of one of the digital art collections due to the requirements of the financial regulator. This is a collection of NFTs from Sands Vegas Casino Club called Gambling Apes.
This decision was made by the management of the site immediately after the supervisory authorities in the states of Texas and Alabama demanded that trading operations with these assets be stopped. Digital art has been categorized as unregistered securities, regulators said.
Read also: Where to Sell NFT Art?
Social media users said that the Sand Vegas Casino Club promised that the owners of the Gambling Apes NFT would participate in the distribution of income from the project’s virtual casino activities. The startup leader assured that his team was working with lawyers and contacted regulators to resolve all legal issues.
Later it became known that the founders of the company expressed their willingness to comply with all laws and regulations. At the same time, members of the organization assured that it had not previously been subject to any registration requirements, and no government organization contacted the firm about complying with legal requirements.
Users of social networks emphasized that the developers promised users a good profit for owning NFT tokens. It could range from $24,000 to $81,000 per year.
Legal professional Christopher Lavin stated that the most likely claims against the company were that the promise of yields effectively made NFT holders digital stock holders, which is contrary to current law.
Earlier edition informed that the trading volumes of the NFT sector exceeded $50 billion, which means an increase in this indicator by 222% this year.