This week’s featured collector is pjartbasel
Pjartbasel is an artist who uses their Lazy profile to showcase some of their creations. Check it out at lazy.com/pjartbasel
Last week we asked: How should NFTs be safeguarded to last 100 years? The majority of respondents (60%) put their trust in on-chain provenance and metadata, signaling that the blockchain itself is seen as the strongest guarantor of long-term authenticity. Meanwhile, decentralized storage and artist-led preservation co-ops each drew 20%, showing recognition that off-chain solutions and community stewardship also matter. Notably, museums and institutional archives received no votes, underscoring a broader skepticism that traditional cultural institutions can—or will—take responsibility for the digital future. Together, the results highlight a clear belief that the durability of NFTs will depend on blockchain-native strategies, while also leaving space for hybrid models of care and preservation.
U.S. Judge Dismisses NFT Artists’ Challenge to SEC Oversight
On September 30, 2025, a federal judge in New Orleans dismissed a lawsuit brought by two creators of musical NFTs who had sought to prevent the U.S. Securities and Exchange Commission (SEC) from regulating their work. The decision underscores how unsettled the regulatory landscape for NFTs remains—and how uncertain artists and creators still feel about the future of this medium.
The Case
Singer-songwriter Jonathan Mann and law professor and conceptual artist Bryan Frye—both of whom have sold NFTs since 2018—filed suit against the SEC last year. Their argument was straightforward: the threat of having their NFT sales deemed “unregistered securities” posed a chilling risk to artists experimenting with digital assets as a creative medium.
They claimed the SEC’s approach endangered livelihoods, framing NFTs not just as speculative assets but as tools for artistic expression. Frye, who teaches intellectual property law at the University of Kentucky, positioned the issue as one of artistic freedom as much as regulation.
The Ruling
U.S. District Judge Greg Guidry dismissed the lawsuit, stating that the artists’ fears were hypothetical. “The SEC’s future regulation of NFTs is far from resolved,” Guidry wrote, noting the lack of clear guidance to date. Because the SEC had not taken direct action against Mann or Frye, the court ruled there was no case to decide.
The ruling echoed arguments the SEC made in urging dismissal: that its prior NFT-related enforcement actions imposed “no consequences or obligations” on the plaintiffs.
The Bigger Picture
The case follows earlier high-profile actions, such as the 2023 settlement with the creators of Stoner Cats, who paid a $1 million fine after the SEC said their NFT sales constituted an unregistered securities offering. That case, while unrelated to Mann and Frye, rattled many creators. Two SEC commissioners even urged the agency at the time to offer clearer guidelines for artists exploring NFTs.
The lack of regulatory clarity remains the key tension point. On one hand, the SEC has pursued “discrete” enforcement actions against certain NFT offerings. On the other, there is no established framework that spells out when NFTs are considered art versus when they cross into securities territory.
Why It Matters
For artists, the decision means the question of NFT regulation remains unresolved. The court’s dismissal doesn’t settle whether or how the SEC might act in the future—it only states that without a direct action against specific artists, the courts won’t intervene preemptively.
For the NFT market, the ruling reinforces a climate of uncertainty. Without clear rules, artists and collectors are left to navigate a gray zone where enforcement could hinge on interpretations that vary case by case. This ambiguity continues to weigh on the market, particularly as interest in NFTs has shifted from speculative frenzy to questions of permanence, value, and long-term integration into the broader art world.
Looking Ahead
Until clearer guidance emerges, artists working with NFTs will likely continue to operate under the shadow of regulatory risk. Whether future cases force the SEC to articulate firm rules—or whether Congress steps in with new legislation—remains to be seen.
Should the SEC regulate NFTs as securities?
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