3 NFT markets restrict ‘Stoner Cats’ transactions after SEC takes action

3 NFT markets restrict 'Stoner Cats' transactions after SEC intervention

Author: Mike Dalton, CryptoSlate; Translation: Song Xue, LianGuai

As of September 18th, at least three non-fungible token (NFT) marketplaces have limited the trading of the cartoon NFT series Stoner Cats.

The project was the brainchild of actress Mila Kunis, who also provided the voice for one of the characters in the accompanying animated web series.

Each marketplace has taken a different approach to restrict Stoner Cats. OpenSea and Blur continue to display the series, but each website prevents transactions by hiding listings and offers under each NFT page.

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An OpenSea spokesperson confirmed that Stoner Cats cannot be bought, sold, or transferred on the platform, but stated that the series has not been delisted or removed.

Meanwhile, Rarible has hidden the entire collection of Stoner Cats. The website states that the collection has been “removed from public view.” Rarible’s page assures users that they still own the related items; like most NFTs, these items can freely circulate on the blockchain or be traded on other compatible marketplaces.

Another report by Decrypt quotes Rarible as saying that they have blocked access to Stoner Cats “based on its market monitoring of recent events.”

Regulations and trading fluctuations at play

Regulatory actions may be a direct or indirect factor behind each delisting. On September 13th, the U.S. Securities and Exchange Commission (SEC) charged Stoner Cats’ parent company with violations of securities regulations and announced a $1 million settlement.

These actions also coincide with sudden trading fluctuations. According to DappRadar data, Stoner Cats’ daily trading volume surged from close to zero to over $6,000 and $11,000 on September 12th and 13th, respectively, before dropping back to near zero. The current floor price is $96, more than three times higher than at the end of August and the beginning of September.

These unsustainable trends – rather than any perceived legal risks – may have prompted each marketplace to restrict trading. However, no marketplace has provided sufficient reasons for their decisions, and any reasons are ultimately speculative.

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