Soulja Boy NFTs Sell Out Among SEC Crypto Promotion Fees
American rapper Soulja Boy launched Limited Edition Soulja Boy 3D NFTs (non-fungible tokens) days after the SEC accused him of illegal crypto campaigns.
However, that didn’t stop the rapper’s new NFT collection from selling out within hours.
Shilling NFTs Amid SEC Charges
The Limited Edition Soulja Boy 3D NFTs consist of 500 elements on the Ethereum blockchain. It promises exclusive unlocks on the upcoming Soulja Boy 3D Meta video game and membership benefits.
According to OpenSea, the collection has a total volume of 68 ETH, which comes close to $128,000 at the time. The NFTs command a floor price of 0.1029 ETH on the platform. At press time, Limited Edition Soulja Boy 3D NFTs have 246 owners with 683 sales, 49% of which are unique owners.
Soulja Boy, the stage name of DeAndre Cortez Way, gushed on social media about his NFT’s immediate sales success. In March, the Securities and Exchange Commission (SEC) charged Soulja Boy and a handful of other celebrities with undisclosed crypto campaigns.
Among those indicted were Justin Sun and his “three wholly-owned businesses,” including Tronix and BitTorrent Foundation Ltd., for making unregistered offers and sales of Tronix (TRX) and BitTorrent (BTT). In addition to Soulja Boy, the regulator also charged seven other celebrities with illegally promoting TRX and BTT without disclosing compensation.
Trouble follows Soulja Boy
According to reports, celebrities such as Kim Kardashian, Lindsay Lohan and Akon have paid $400,000 in fines. It is not clear if Soulja Boy has settled these charges with the SEC at press time.
The rapper first entered the NFT bull market in 2021 by asking his Twitter followers how they could sell their tweets digitally. Within hours, he fetched a whopping $1,288 for a signed NFT of that tweet.
That said, Soulja Boy and American live video streaming site Twitch have been locking horns since 2021. The rapper was also repeatedly banned from the Amazon-owned site, which reportedly prompted him to quit the platform. Twitch never publicly gave a reason for the ban.
Meanwhile, Soulja Boy is also facing trial in a separate assault case.
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