The Famous Rapper Soulja Boy Announces His NFT Collection Despite The SEC Accusations
Soulja Boy, an American rapper, released the Soulja Boy 3D collection just days after the SEC accused him of unlawfully advertising cryptocurrency. The claims appear to have had no effect on the star’s decision to enter the non-fungible tokens (NFTs) market, as the series sold out within hours of its release.
The 500 tokens that comprise the Limited Edition Soulja Boy 3D NFTs were produced on the Ethereum (ETH) platform. The collection offers holders exclusive access to the forthcoming Soulja Boy 3D Meta game as well as other advantages. The collection contains a total volume of 68 ETH, or around $128,000, according to OpenSea. On the platform, NFTs have a minimum price of 0.1029 ETH. At the moment, there are 246 owners with 683 sales, with sole proprietors accounting for 49% of the total.
Soulja Boy’s Actions were Deemed Unlawful
Soulja Boy, real name DeAndre Cortez Way, recently posted on social media about the instant popularity of his NFTs. The Securities and Exchange Commission (SEC) accused the rapper and a few other celebrities in March of failing to expressly promote cryptocurrency ventures.
Justin Sun and his “three completely owned firms,” which included Tronix and BitTorrent Foundation Ltd., were among those accused of making unregistered offers and sales of Tronix (TRX) and BitTorrent Foundation Ltd. (BTT). The agency also charged seven additional celebrities, in addition to Soulja Boy, of unlawfully promoting TRX and BTT without revealing that the campaigns were part of business arrangements.
Many Celebrities Besides Soulja Boy have been under the Lens of the SEC
Celebrities such as Kim Kardashian, Lindsay Lohan, and Akon have reportedly paid $400,000 in penalties. It is unknown whether Soulja Boy has reached a settlement with the SEC on the claims leveled against him. In 2021, the rapper explored the NFT market by asking his Twitter followers how he might digitally sell his tweets. Within hours, he received $1,288 for an NFT from the aforementioned tweet.
Also, Soulja Boy and Twitch have been feuding since 2021. The rapper was also regularly barred from the Amazon-owned platform, which prompted him to leave. Twitch has never openly said why the star was banned. Meanwhile, the rapper is also on trial for an assault charge.