NFT
US SEC Sued Over NFT Art Regulation Claims in LA Court
Brian L. Frye, a legal professor and conceptual artist, has sued the U.S. Securities and Exchange Commission (SEC) in an LA court for making NFTs securities under its regulation.
This lawsuit by Fry and Songadaymann is coming at a time when there is a debate on how to categorize digital art assets.
US SEC Sued Over NFT Art Regulation
According to the recent filing, the core of Fry’s lawsuit revolves around his view that the SEC’s interpretation of securities laws are too broad and do not promote artists who use NFT as their medium. Frye, Dogecoin’s Professor of Law, has been always questioning what he considers traditional interpretations of legal works especially such as his ‘SEC No-Action Letter Request’-a conceptual artwork.
In this project, according to him it was an unregistered security based on this kind of Howey Test which neither he received any response from the SEC regarding whether or not it is an unregistered security.
Today, @songadaymann and I sued the @SECGov in Louisiana federal court, asking for a declaration that the SEC can’t regulate the sale of NFT art. I’ve argued that the SEC is abusing its authority for years & now I’m testing my theory. Here’s the complaint. https://t.co/AD8xYpV0kC
— Brian L. Frye (@brianlfrye) July 29, 2024
Frye’s latest litigation explores how securities legislation impacts digital and conventional art markets. He argues that by taking its position, SEC restricts creativity among artists by imposing unnecessary barriers to entry into NFT space.
The attorney for Frye, Jason Gottlieb pointed out that this case would safeguard digital artist rights as well as put SEC within its regulatory limitations..
Role of NFTs in Art and Regulation
Frye’s lawsuit also underscores the broader implications of NFT regulation in the art market. NFTs, or non-fungible tokens, have surged in popularity among artists selling digital art, often fetching high prices at auctions.
However, the legal framework for NFTs is still unclear, as the US SEC has suggested that some NFTs could be considered securities, thereby requiring compliance with various rules and precautions. According to Frye’s complaint, art and, specifically, digital art sold as NFTs should not be treated as securities.
This approach opposes the SEC’s use of the Howey Test, a legal criterion developed in the 1940s to assess whether a certain transaction should be considered an investment contract. According to Frye, this approach of the SEC is unhelpful because art transactions, as contrasted from business transactions, are often based on the subjective qualities of the artwork.
SEC Accusations of Overreach
The case has garnered much attention especially because of Jason Gottlieb, Frye’s attorney on social media. Gottlieb had earlier defended the defendants in the DEBT BOX case in Utah which was rather infamous with the resignation of several members of the SEC and the shutting down of the SEC’s Utah branch.
XRP lawyer MetaLawMan pointed out that Gottlieb was instrumental in revealing dirty tactics in the SEC during that case and his involvement in Frye’s case may cause mayhem within the SEC.
Jason @ohaiom was the lawyer for the DEBT BOX defendants who famously exposed the lies of the SEC in a case in Utah.
That case ended with resignations & shuttering the SEC’s office in Utah.
Imagine the expressions at the SEC when they see Jason’s name on this complaint. 😂🍿 https://t.co/WEYbqWdDFP
— MetaLawMan (@MetaLawMan) July 29, 2024
Moreover, with Gary Gensler at the helm, the US SEC has intensified its crackdown on the crypto space, raising questions about the regulation of digital assets.
Therefore, the former President of the United States of America, Donald Trump, has also chimed in on the matter, vowing to remove Gensler from office on his first day back as president if he were to win the election. Subsequently, as reported by Coingape, Trump had blasted the SEC for its tough stance on digital assets promising to put an end to the “anti-crypto crusade” and the “persecution and weaponization” of digital assets.
Read Also: Galaxy CEO Warns Kamala Harris Against Senate Warren’s Anti-Crypto Stance
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
NFT
Free Web3
Web3 Liberation from Postmodernism’s Stranglehold: The Art Renaissance
By VESA
Postmodernism isn’t just an art issue—it’s everywhere. This single, pervasive philosophy has seeped into big tech, corporations, legislation, media, and nearly every major institution, often strangling genuine creativity, diversity of thought, and depth. For comparison, there are around 200 other philosophies, 4,300 religions, the male perspective, homemaker moms, the working class, the diminishing middle class, the scientific paradigm, and much more that are left out of gallery circles simply because they don’t fit the dominant narrative, which paradoxically claims to be the one that’s repressed. It’s really a luxury belief for the modern aristocracy—a tool for control—and the Marxist roots always emerge when pressure is applied.
Postmodernism’s defining trait is deconstruction, pulling apart concepts and ideals without ever offering a cohesive path forward. It’s a circular maze that keeps doubling back on itself, producing increasingly bizarre conclusions to solve the very problems it creates. Real solutions lie in expanding the field of view beyond this single frame, embracing a diversity of philosophies, religions, and perspectives that have grounded humanity for millennia. The real power of Web3 lies in its ability to do just that: to break art and culture out of this one-note narrative, empowering creators and thinkers alike to explore beyond the limits imposed by postmodernism.
This is what we missed in the first run of NFT’s importing the same postmodern experts from the realm we were trying to break free from. That and some better tech solutions for sustainable art, as some of the falling platforms have showed.
We first had a true avant-garde scene, which was then quickly eroded by the millions upon millions showered on end-stage postmodern expressions, championed by people who either (a) didn’t realize how tired it all was or (b) were heavily financially and ideologically incentivized to support it.
Funny, not funny
It turns out that holding contempt for ideas and their significance means that, time and again, the working class ends up being ruled by them. While I understand why this is amusing to some, I see how many are now disillusioned, as the humanities have been overtaken by a single, monolithic ideology. Similarly, the U.S. intelligentsia’s “flyover states” disdain is now facing a reckoning with the MAGA hat in a very different way after 40 years of indulging in postmodern ideas and scorn. The underbelly of the speech in A Bug’s Life is surfacing, too.
You can’t only summarise postmodernism to be woke and Marxist, but you aren’t far off. In case you want to hear the foundations, Steven Hicks has a brilliant analysis and summary of it. You might have to spend 3hrs to save your life & community to get it, so it’s not that long, really ⚡️
Part I – Philosophy foundations
Part II – Relevance now
For five long decades, postmodernism has held art in a chokehold, enforcing its narrow, often cynical, view of reality. Art became a reflection of society’s fragmentation, alienation, and obsession with irony—what I call the “postmodern monolithic rule.” While postmodernism initially sought to challenge established norms, it has since become the new establishment, dictating an increasingly restrictive narrative. The art world under postmodernism has marginalised genuine exploration, profound beauty, and universal human truths.
This is where Web3 steps in, not just as a technological shift but as a liberation front for artistic expression. That was the point. Not just monetising what ever, but to actually set culture free. Web3 allows artists to break out from the centralised grip of traditional galleries and critics, unleashing a decentralized platform where new ideas can flourish – however this means the scene has to support that, instead of the next duck tape banana or drooling ape AI pic.
Through NFTs and blockchain, creators can finally bypass the gatekeepers, reaching audiences directly and letting their art speak unfiltered. It’s the anti-postmodern era we’ve been waiting for—one that values authenticity, courage, and depth over calculated irony and shallow critique. The freedom to explore and create in as vast a way as the internet has already guided us to be for the past twenty years.
What is the Garden of Earthly Delights by Hieronymus Bosch. From paradise to hell, the lesson path is clear in the end stage. These aren’t just imaginative nightmares. They’re warnings about human nature — and what a world without religion is like. Feel familiar a bit? The twet link will explain it further.
Outside the restrictive frame of postmodernism lies a rich expanse of artistic traditions and narratives that we’ve been missing out on. Imagine a return to the timeless pursuits of beauty, harmony, and spirituality, merged with the advancements of digital technology. Art that celebrates connection, transcendence, and human potential. Web3 offers the tools to bring these visions to life, and artists are now free to explore themes of mythology, futurism, abstraction, and even divinity—all without needing to conform to a single ideology. This isn’t just art for art’s sake; it’s art for humanity’s sake, and it’s been a long time coming.
Authenticity as an Artist: From Cave Paintings to the Metaverse
Art isn’t a recent trend—it’s a core aspect of the human journey that dates back to our ancestors painting on cave walls. In today’s world, however, many artists find themselves constrained by expectations to follow specific trends, often losing their authenticity along the way. True artistry isn’t about following popular movements or creating what’s fashionable. It’s about tapping into a lineage of creativity that spans thousands of years, one that includes everything from the first tribal carvings to the masterworks of the Renaissance, all the way to the digital landscapes of the metaverse.
Why did Graham Hancock’s Ancient Apocalypse suddenly get attacked as racist, with Hancock himself labeled a white supremacist, despite his thirty-year marriage to a woman of color and his long-standing praise of ancient cultures worldwide throughout his journalistic career? You guessed it—postmodernism, as the series collapses the narrative. I’ll write more on that later.
Inside the art world, for the most part, you might hear of Mayan culture and traditions, but not the parts that contradict postmodern ideas.
Being an authentic artist means immersing yourself in this vast ocean of history and expression, drawing inspiration from the past and future alike. The beauty of Web3 is that it allows artists to travel across these realms without restriction. The blockchain and NFTs don’t just democratize art; they create a space where we can explore new forms of expression while staying grounded in the wisdom of our creative ancestors. The metaverse, for instance, offers the opportunity to merge the digital with the timeless, creating interactive experiences that honor the depth and spirituality of older art forms while pushing the boundaries of what’s possible.
When you explore the richness of art history, you find yourself standing on the shoulders of giants. Authentic art doesn’t mimic or simply react—it builds bridges. It’s about discovering your voice in this vast chorus and using every tool available, whether it’s oil on canvas, sculpture, or VR. Web3 and the metaverse make this journey even more exhilarating, providing artists with a canvas as expansive as their imaginations. True artists dig deep, break molds, and remind us that art is not bound by time or technology but by a timeless quest for truth.
Imagine the uproar, the fuss and emotional outbursts if there was to be a grand unveiling of an openly conservative gallery?
The Heretical Idea: Curate Your Own Galleries Outside the Establishment
Here’s a heretical idea for cultural curators and artists: Forget trying to break into the art world if you don’t feel represented. Start your own galleries, curate your own shows, and let Web3 be your platform for sharing art on your own terms. It’s cheap to start an online gallery.
Web3 has made this entirely possible. With decentralized platforms, artists can sidestep traditional gatekeepers, reach global audiences, and create communities that appreciate and support their work. Curating your own gallery isn’t just an act of defiance; it’s a celebration of creative freedom. Imagine artists coming together to form collectives that highlight unique styles, new voices, and daring themes that the conventional art world might consider “too much.” With NFTs and blockchain, you have the tools to bring these exhibitions to life without relying on anyone else’s approval.
Curating your own gallery in the Web3 space doesn’t just disrupt the old system; it builds a new one based on collaboration, innovation, and authenticity. This is where real artistic diversity can thrive, unbound by the constraints of a single ideology. Artists can create galleries that reflect their own vision, themes, and messages—whether that’s surrealism, futurism, spiritual exploration, or socio-political commentary. The freedom to shape your own narrative is the most powerful tool artists have, and Web3 is the key to unlocking it. It’s time to stop waiting for permission and start creating spaces that embody the true spirit of art: raw, fearless, and unfiltered.
TDR
Notice that all these artists and collectors below are doing this poll by not making their views public. I’ve been standing up for this, in the free speech spirit, since I came in from 2017, and was put in the web3 Western culture jail for it (mostly) since. Here is an earlier article to prove it.
so, have your postmodernism, it’s fine, I’m not trying to take your voice away from you, but actually deliver on the inclusion promise so everyone can come to play. The virtual is for everyone, not just one dominant ideology that leaves out most of the world.
As for the cover image, I have my reservations about Trump, even if there’s a potential Web3 landslide against the pro-censorship camp led by figures like Kamala. My concerns are less pronounced with Elon Musk, Ron Paul, RFK, Tulsi Gabbard, and increasingly JD Vance after listening to him on Rogan. While most visual artists sat this one out—even in Web3—the comedians have shifted the landscape, outpacing us 6-0 in terms of relevance.
The thing is, even if Trump is guilty of a lot, he and his team of “X-men mutants” have become voices for Bitcoin, free speech, opposition to big pharma, and perhaps even psychedelics, squirrels, and the like. For the first time in my life, a political campaign is actually addressing ideas that interest me. Of course, as I am not a US citizen, you don’t have to worry about my vote even if you absolutely hate everything I just wrote. None the less, this election will greatly influence my life, and it is addressed in the web3 citizen of the world spirit.
Let that sink in,
VESA
Crypto Artist, Speaker, Consultant, Writer
All links to physical, NFTs, and more below
NFT
Magic Eden Expands To Arbitrum With New Gaming NFT Collection
Magic Eden will soon be minting Ubisoft’s upcoming 10,000-piece NFT collection on the Ethereum scaling network Arbitrum to give holders early access to the new game.
Minted on the Ethereum layer-2 scaling network Arbitrum, the new Niji Warrior ID NFTs unlock early access to the top-down shooter, enable participation in the game’s governance model and track player progress.
Magic Eden, Ubisoft Team Up for Captain Laserhawk NFT Launch
According to the official press release, this deal marks Arbitrum’s addition to the Magic Eden NFT marketplace, which had already supported projects from Solana, Bitcoin, Ethereum, Polygon, and Base in the past.
Among the top NFT marketplaces, Magic Eden will be instrumental in serving up distribution and management of NFTs for Captain Laserhawk: The G.A.M.E. It is a leading force in cross-chain compatibility and backs projects with innovative gameplay, further building influence in Web3 gaming.
With the partnership, Magic Eden injects several years of experience in NFT ecosystems into this new agreement with Ubisoft and Arbitrum, offering players a secure and user-friendly way to manage digital assets. The deal also heats up gaming experiences and solidifies the status of Magic Eden as one of the leading driving forces in the fast-changing NFT gaming sector.
The partnership also points toward the modern trend in the adoption of layer-2 solutions for NFT projects, all-inclusive of better scalability and interoperability within the Ethereum ecosystem. Such infrastructure will enable smoother and easier gaming, reaching a wider audience both for game developers and gamers alike.
The name of the game is Captain Laserhawk: The G.A.M.E., and it’s set in a dystopian world inspired by Netflix’s series Captain Laserhawk. The title will also feature various iconic characters from other Ubisoft franchises.
Ubisoft’s Captain Laserhawk: The G.A.M.E. was described at the time as “a transmedia experience” on the foundation of Arbitrum. Holders will be granted Web3 governance over determining the narrative for the game. The game itself comes along with an imminent mint for their Niji Warrior ID NFTs.
Ubisoft maintains that one of the main benefits with NFTs is that holders will have extraordinary voting rights over major governance decisions and, in fact, give the community the power to shape the future of the game.
Ubisoft’s NFTs Coming Soon: Only 10,000 Will Exist
These NFTs are play-to-earn, unlocking rewards for a unique opportunity to be fully involved in the active creation of new content, thus transforming players into co-creators of game development.
This move signifies one of the most major steps Ubisoft has ever taken towards including blockchain and NFTs in gaming. An initiative of this nature by Ubisoft precisely fits into the company’s vision: to offer more immersive experiences through decentralized platforms and increase player engagement.
This new Magic Eden-Ubisoft partnership comes off the heels of a closed beta, which was held in August. Still, hardly any footage has surfaced online because participants reportedly had NDAs. These were preventing them from sharing any details about the game. From the few clips that managed to find their way onto Twitter, the game looks colorful and quick-paced. There are also plenty of tight choke points around which players fight it out.
However, the highly-coveted collection of 10,000 NFTs will be minted in the coming weeks. At the same time, many future minters have secured spots for participation in the beta and completed challenges in Discord. The ID mint represents the final milestone on the road map before the game launches, meaning Captain Laserhawk: The G.A.M.E. is not very far away.
The title represents Ubisoft’s second major blockchain game after its partnership with Magic Eden, aside from Champions Tactics: Grimoria Chronicles. The latter is on the Oasys network but has also similarly minted NFTs on Ethereum. Recently, Champions Tactics conducted a sort of “technical beta” testing ahead of its public launch, which is expected very soon.
The publisher known for titles like Assassin’s Creed and Just Dance has been developing and investing in the crypto space for years. In late 2021, they launched in-game NFTs for their Ghost Recon: Breakpoint game on the Tezos blockchain.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
NFT
Digital Chamber Supports New NFT Legislation Amid Gary Gensler Criticism
The introduction of the New Frontiers in Technology Act (NFT Act) by Congressman Timmons has garnered support from Digital Chamber. This legislative effort marks the first direct address by the US Congress towards the regulatory treatment of non-fungible tokens (NFTs). This is a pivotal moment for the digital asset industry amidst ongoing legal challenges.
Digital Chamber Supports New NFT Act
Following the recent introduction of the NFT Act, Digital Chamber has quickly aligned itself in favor of the proposed legislation. Digital Chamber praised Congressman Timmons’ leadership for spearheading this critical initiative, which seeks to clarify the classification of NFTs amidst increasing legal scrutiny of digital assets.
The Act addresses a variety of use cases for NFTs, ensuring they are treated as consumer goods rather than financial products. This distinction could influence the future regulatory landscape for NFTs.
Additionally, The NFT Act lays a foundational definition of non-fungible tokens and provides protections for what it describes as “covered” NFTs. These include digital works of art, collectibles, and other forms of intellectual property, distinguishing them from financial instruments.
Concurrently, the Act mandates that the Comptroller General of the United States conduct a study on non-fungible digital assets. This study aims to assess the evolving landscape and implications of NFTs.
The legislative clarity will be a step toward safeguarding creators and consumers from the regulatory actions that have recently targeted the industry.
NFT Legal Challenges and Regulatory Scrutiny
The need for the New Frontiers in Technology Act has been underscored by a series of high-profile legal challenges facing the industry. Companies like Dapper Labs and DraftKings have faced lawsuits, with OpenSea receiving a Wells notice from the SEC, signaling potential securities violations.
Additionally, the SEC’s recent actions against Flyfish Club for unregistered NFT sales have provoked criticism from within the agency itself, with Commissioners Peirce and Uyeda dissenting from the decision. They argue that such tokens should not automatically be classified as securities based on their potential for resale at higher values.
The broader digital asset community, including Digital Chamber, has voiced concerns over SEC Chair Gary Gensler’s aggressive regulatory stance. More so, Digital Chamber founder, Perianne Boring, expressed her dissatisfaction with Gary stating,
“SEC Chair Gary Gensler’s unlawful crackdown on #crypto has pushed the industry back by a decade.”
In addition, these accusations of unlawful crackdowns on the crypto and NFT sectors by the SEC chair have led many to speculate about Gensler’s dismissal. Incidents like the recent amendment of original complaint against Binance, further fuel debates over the need for clearer guidelines.
Moreover, these developments come amid reports that all five SEC commissioners will testify before the House Financial Services Committee, an event not seen since 2019. The hearing may include discussions on ETH’s classification as a security.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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