American rapper Soulja Boy launched Limited Edition Soulja Boy 3D NFTs (non-fungible tokens) days after the SEC charged him with illegal crypto promotions.
However, that didn’t stop the rapper’s new NFT collection from selling out in a matter of hours.
Shilling NFTs Amid SEC Charges
The Limited Edition Soulja Boy 3D NFTs are comprised of 500 items on the Ethereum blockchain. It promises exclusive unlocks on the upcoming Soulja Boy 3D Meta video game and member-only advantages.
As per 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, the Limited Edition Soulja Boy 3D NFTs have 246 owners with 683 sales, of which 49% are unique owners.
Soulja Boy, the stage name of DeAndre Cortez Way, gushed on social media about his NFTs’ immediate selling success. In March, the Securities and Exchange Commission (SEC) charged Soulja Boy and a handful of other celebrities for undisclosed crypto promotions.
Among the accused was 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 for unlawfully promoting TRX and BTT without disclosing compensation.
Trouble Follows Soulja Boy
According to reports, celebrities like Kim Kardashian, Lindsay Lohan, and Akon have paid $400,000 in fines. It’s not clear if Soulja Boy has settled these charges with the SEC at the time of press.
The rapper first entered the NFT bull market in 2021 by asking his Twitter followers how to sell his tweets digitally. Within hours, he fetched an outrageous $1,288 for a signed NFT of that tweet.
That said, Soulja Boy and the American live video streaming website Twitch have locked horns since 2021. The rapper was also repeatedly banned from the Amazon-owned site, which reportedly prompted him to quit the platform. Twitch never publically gave a reason for the ban.
Meanwhile, Soulja Boy is also facing trial in a separate assault case.
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Shraddha Sharma