[gamblor956]

Does buying a baseball card in 2023 now entail ownership in Fanatics or Panini?

If not, then it's not even remotely the same thing as what goes on with non-fungible tokens like the one here.

[peyton]

I don’t think these NFTs give ownership rights either. Reading the SEC order, it sounds like the reasonable expectation of a profit was the issue.

[gamblor956]

The NFTs did purport to give ownership rights in the business profits of the NFT, as represented by the value of the NFT increasing specifically because of the labor of others acting to increase the value of the NFT.

And that is part of what makes them completely different from baseball cards. Even if the value of the cards are dependent on the labors of others, with the baseball cards, the laborers (i.e., players) are not performing that labor with the intent of increasing the value of the cards; the value of the increase in the cards, if any, is wholly coincidental.