Stoner Cats NFTs Face Trading Bans on Major Marketplaces

Due to the fact that it can no longer be traded on well-known NFT platforms like OpenSea, Blur, and Rarible, the well-known Stoner Cats NFT project has suffered serious difficulties. This development follows a statement made last week by the Securities and Exchange Commission (SEC) of the United States accusing the project’s founders of selling unregistered securities.

Stoner Cats made their maiden appearance in 2021 and is well-known for its Ethereum NFTs connected to an impressive animated series. Since their debut, these NFTs had been traded frequently across a number of platforms. Rarible has taken the project down from its website, while OpenSea and Blur no longer show current listings for Stoner Cats NFTs.

Stoner Cats NFTs are no longer accessible for purchase, sale, or transfer on OpenSea’s platform, despite keeping the project website. On its Community Standards page, OpenSea explained its position, stating that it likes to maintain project pages up even when trading has been suspended because the website acts as a blockchain explorer for NFTs.

As part of their admission, Rarible stated that they had “blocked them based on our market monitoring of recent events.” Contrarily, Blur has not replied to inquiries seeking confirmation of the trade embargo.

Stoner Cats NFTs Still Exist on the Blockchain

It’s crucial to remember that while if Stoner Cats NFTs are no longer available for trading on OpenSea and are no longer listed on Rarible, they continue to exist on the blockchain and in the wallets of their owners. Additionally, these NFTs can still be bought and traded on online markets that still offer them. For instance, Stoner Cats NFT postings are now live on both LooksRare and X2Y2.

Mila Kunis and her Orchard Farm Productions company co-created the movie Stoner Cats, which became well-known. The six-episode online series featured cartoon cats with a proclivity for using marijuana, and was accessible through the project’s Ethereum NFTs.

Along with her husband Ashton Kutcher, “Family Guy” creator Seth McFarlane, actress Jane Fonda, comedian Chris Rock, and Ethereum co-founder Vitalik Buterin, Mila Kunis was a part of the impressive cast.

In July 2021, the initiative was successful in selling 10,420 NFT passes, bringing in approximately $8 million in primary sales income. The SEC said that the inventors shared in the nearly $20 million in secondary market sales that followed.

The founders negotiated a settlement and agreed to pay a $1 million civil penalty in response to the SEC’s accusations related the sale of unregistered securities. This amount will create a Fair Fund, whose eligibility requirements have not yet been revealed, to compensate impacted investors. The developers agreed to destroy any residual NFTs they had as part of the settlement.

Stoner Cats NFT sales increased along with price rises after the SEC’s pronouncement. Within a short time, the floor price of these NFTs increased from 0.019 ETH ($30) to a peak of 0.082 ETH ($131). But since the NFTs vanished from significant markets, their values have steadied, with the current floor price at 0.037 ETH, equivalent to approx $61.