Earlier this month, the United States Securities and Exchange Commission (SEC) announced its second-ever enforcement action against the creators of an NFT project—this time, against the team behind “Stoner Cats,” an NFT-backed web series from Mila Kunis’ production company that featured the vocal talents of Hollywood A-listers including Kunis, Ashton Kutcher, Chris Rock, and Jane Fonda. 

While the SEC’s first case regarding NFTs—against a media company that promised “massive” returns on its membership passes once it became “the next Disney”—raised relatively few eyebrows among industry experts given the cited claims, reception of the “Stoner Cats” announcement has been altogether different.

The case appears to have sent a shockwave through the expanding ecosystem of film and television projects seeking to leverage NFTs to raise funds directly from loyal fan bases, instead of depending on the hyper-centralized studio system for financing and distribution.

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Author: Sander Lutz

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