Dumb NFT question. Current model looks like this: % of every secondary sale goes back as payment to NFT creator. If $ goes to creator, its not a security. If $ goes to asset holder, it IS a security. Why does owner matter when considering whether an NFT breaks securities laws?
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Is it bc the howey test says the efforts of a third party?
Potentially, but still puzzling to me. Is “efforts of a third party” the people trading in the secondary market? Or the creator? Imo all NFTs are probs securities with that view
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Is art an investment contract? And an NFT doesnt seem much like a “common enterprise”
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