CyberKongz SEC Victory Could Boost Web3 Gaming on ETH

CyberKongz, the Ethereum-based NFT and gaming project, announced that the U.S. Securities and Exchange Commission (SEC) has ended its investigation into the project, concluding its probe that began over concerns related to its BANANA token and token sale activities. The investigation was prompted by actions taken during its Genesis Kongz contract migration and associated blockchain game developments. With the investigation now closed without any enforcement actions, CyberKongz expressed relief and determination to return to its core creative operations. This outcome follows similar regulatory clarifications for other NFT projects, such as actions involving Yuga Labs and OpenSea, and may signal a trend toward more crypto-friendly regulatory practices. The news is seen as a positive development not only for CyberKongz but also for the broader Web3 gaming and NFT sectors, potentially fostering increased investor confidence and innovation in these fields.