NFT profile pictures, or PFPs, on social media signal ownership, membership status and belonging – but when profit enters the equation, lawyers and regulators have questions. megdematteo explores in this week’s Crypto for Advisors newsletter:
and what’s not. NFT collectors won’t necessarily have to defend their NFT purchases from the SEC one day, but everyone should always have a sound thesis backing his buys.
“There are collectibles, utility tokens and clear securities in the NFT space. It is important to understand the differences when buying them,” Mercado wrote in a follow-up LinkedIn post after I spoke to him about his Pudgy Penguins commentary. Mercado is not a lawyer – just a data scientist and Web 3 enthusiast – but he has experience buying a variety of digital assets.
But if profit is the secondary motivation for your purchase – behind community membership and well-curated benefits – that argument is easier to convey when you have a track record of aligning your dollars with your values, hobbies and social life.
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