February 22, 2024
OpenSea, Rarible, and more NFT marketplaces ban Stoner Cats after SEC action

At least three non-fungible trade (NFT) marketplaces have restricted trading on the cartoon NFT collection Stoner Cats until September 18.

The project is the brainchild of actress Mila Kunis, who also voices a character in an animated web series that comes with the NFT collection.

Each market has taken a slightly different approach to breeding stoner cats. OpenSea and Blur continue to display items in the collection, but each site blocks trading by hiding listings and offers under individual NFT pages.

An OpenSea spokesperson confirmed to CryptoSlate that Stoner Cats cannot be bought, sold, or transferred on the platform, but said that the collection has not been deleted or removed. They also inform users about the general policies of the company.

Meanwhile, Rarible has hidden the Stoner Cats collection altogether. The site says the collection “has been removed from public view.” Rarible’s page reassures users that they still own the items in question; Like most NFTs, the items can be freely circulated on the blockchain or traded on other compatible marketplaces.

A separate report from decrypt Rarible is quoted as saying it has blocked access to Stoner Cats [its] “Market monitoring of recent events.”

Regulations and business fluctuations are at play

Regulatory actions can be direct or indirect factors behind each delisting. On September 13, the US Securities and Exchange Commission (SEC) charged Stoner Cats’ parent company with securities violations and announced a $1 million settlement.

Those actions also coincided with sudden trading fluctuations. According to DappRadar, on September 12 and September 13, Stoner Cats’ daily trading volume increased from near zero to surpass $6,000 and $11,000, respectively, and then dropped to near zero once again. Floor prices are currently at $96, three times higher than in late August and early September.

Those volatile trends, rather than any perceived legal risk, may have prompted each market to restrict trading. However, neither market has provided a full rationale for their decision, and any reasons are ultimately speculation.

Posted in NFT, Regulation

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Source: cryptoslate.com

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