THE MANY LAYERS OF THE SEC’S FIRST NFT ENFORCEMENT ACTION

Summary from the TLDR Crypto newsletter

The SEC is treating NFTs as a security for the first time in its recent enforcement action against Impact Theory, a Tom Bilyeu company. This article explains how NFTs in their basic form are not necessarily a security. However, it goes on to explain that it could be logical to conclude an NFT is a security when issuers begin to make promises about what they will do to increase the value of the NFT over time.