The US Securities and Exchange Commission alleged that Impact Theory LLC raised approximately $30 million from hundreds of investors through its NFT offerings. The SEC said the offerings should have been registered with the agency, and that Impact Theory had agreed to pay more than $6 million to settle the allegations.
Impact Theory agreed to the monetary penalty and to a cease and desist order, without admitting or denying the SEC’s allegations. According to the SEC, Impact Theory sold three tiers of NFTs, which it called Founder’s Keys, and told investors to view them as investments in the business. Impact Theory said it was “trying to build the next Disney,” and that if it was successful, NFT holders would get “tremendous value” for their purchases, the regulator said.
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