NFT sales plunged in the third quarter, down 60% from the second quarter, according to data from NonFungible.com. In the same period, Kim Kardashian agreed to pay $1.26 million to settle charges with the U.S. Securities and Exchange Commission (SEC) for promoting a cryptocurrency on Instagram without disclosing that she was paid to do so.
The SEC's charges against Kardashian stemmed from a post she made on Instagram in late 2017 touting a new cryptocurrency called EMAX coin. At the time, Kardashian did not disclose that she had been paid to promote the coin.
Under the settlement, Kardashian will pay a $1.26 million fine and will not be allowed to promote any securities, digital or otherwise, for three years.
In other news, the U.S. Treasury is encouraging new laws to address gaps in cryptocurrency regulation. And in a private text message to Elon Musk, Twitter CEO Jack Dorsey called Facebook "the swamp of despair.