CyberKongz, an NFT gaming project, has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), indicating potential enforcement actions for unregistered securities offerings. The company disclosed that it had been under scrutiny from the SEC for two years, during which it stated it had been 'suffering in silence.' The SEC's concerns center on the project's connection to blockchain games and ERC-20 tokens, particularly regarding the contract migration of its Genesis Kongz collection in 2021. CyberKongz plans to contest the SEC's findings, emphasizing the need for clearer regulatory guidelines for NFT projects. The Wells Notice has raised alarms about the implications for other gaming tokens within the NFT space, suggesting a broader regulatory focus from the SEC under outgoing Chair Gary Gensler, who has been noted for his stringent enforcement actions in the crypto sector.