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CyberKongz received a Wells Notice from the SEC. We are extremely disappointed with the approach the SEC has taken towards us, but we will rise up and fight for a better future with more clarity for NFT projects. Now the SEC indicates that NFTs are securities.

The Securities and Exchange Commission (SEC) raised the "concerning rhetoric" that an ERC-20 token in conjunction with a blockchain game cannot be issued without first being registered as a security.

Such discourse would have "significant implications" for the Web3 gaming industry, CyberKongz explained, adding that it "will defend this position for the sake of the broader space."

The CyberKongz team has since received words of support from one of the founders of Axie Infinity, Jihoz Zirlin, who is "confident that the new administration will put an end to the persecution of our people."