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How the SEC Notice to CyberKongz Might Affect the Gaming Token Market

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by Giorgi Kostiuk

a year ago

The NFT platform CyberKongz has received a Wells notice from the SEC, which could lead to regulatory changes for gaming tokens and NFTs.

What Happened

The NFT platform CyberKongz received a Wells notice from the U.S. Securities and Exchange Commission (SEC), expressing concerns over the issuance of tokens without registration as securities. This notice may significantly impact the Web3 gaming industry.

Reaction to SEC Actions

CyberKongz claims the SEC's actions are an attempt to hinder industry development. The company expressed its intention to defend its project and the wider industry. Founders of Axie Infinity have supported CyberKongz, hoping for a change with the new administration.

Impact on the NFT Market

Despite the SEC's notice, the price of CyberKongz NFTs rose 11.7% in the last 24 hours, reaching an average price of 6.69 ETH, equivalent to $26,900. NFTs continue to be actively used in games on the Ronin blockchain.

The SEC's notice regarding CyberKongz could mark the beginning of changes for the entire Web3 gaming and NFT industry. The development of events and the industry's response will continue to be monitored.

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