Stoner Cats 2, LLC, the company behind the “Stoner Cats” NFT project, marketed a collection of digital tokens sold in an initial offering on July 27, 2021. During the NFT boom, many projects promoted tokens not just as collectibles but as assets tied to creator efforts, secondary-market trading, and potential increases in value—features that drew heightened attention from regulators. This settlement website describes a roughly $4 million class action resolution for eligible purchasers, with claims requiring proof of purchase and a filing deadline of May 23, 2026. The lawsuit was filed because plaintiffs alleged the Stoner Cats NFTs were effectively unregistered securities sold without the disclosures and registration processes typically required under U.S. securities laws. In plain terms, the claim is that buyers were sold an investment-like product while being denied the protections that come with regulated securities offerings, such as standardized risk disclosures. The case is significant because it reinforces the legal risk for NFT issuers when marketing or structuring tokens in ways that can make purchasers rely on the promoter’s ongoing efforts to generate value—an analysis often associated with the SEC’s application of the Howey test under the Securities Act of 1933. More broadly, the dispute fits into a growing pattern of NFT-related litigation and enforcement where the key question is whether a token is “just a collectible” or part of an investment contract, particularly when there are promises (explicit or implied) about future utility, exclusivity, revenue, or active project development that could drive resale value. Similar regulatory actions and private suits across the crypto and NFT sectors have pushed companies toward more careful marketing, clearer consumer disclosures, and greater separation between community perks and profit expectations, while also accelerating industry conversations about how securities regulations, exchange/marketplace practices, and consumer-protection rules should apply to digital assets sold to the public