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Truth, known for projects like Goblin Town, launches 'Operation Resurrection', allowing NFT holders to burn NFTs for equity in their new venture, Truth Arts Inc. Equity value is based on the NFT floor value at the time of purchase. Some critics question the legality of this offering.
I did a deep dive on Truth Labs “burn for equity” mechanics Initially, I thought it was an incredible initiative Burn your NFTs, get stock. Then I looked into it: Turns out, Ill get $100 of stock at a $135 MILLION valuation. Am I missing something??? https://t.co/MHTXn3hFpB
If you have to buy (key word) a nft and then burn it in order to receive equity That’s just a roundabout way of having unaccredited investors buy shares of your company Which makes this a straight up illegal / unregistered security offering ? 🤨 Wtf is going on at Truth labs… https://t.co/tMcrK6RidA
If you have to buy (key word) a nft and then burn it in order to receive equity That’s just a roundabout way of having unaccredited investors buy shares of your company Which makes this a straight up illegal / unregistered security offering 🤨 Wtf is going on at Truth labs… https://t.co/b6eutdNKeL