The NFT project Flyfish Club will pay $750,000 to the U.S. SEC as part of a settlement.

The regulator stated that Flyfish conducted an unregistered offering of securities when it sold 1,600 NFTs to U.S. investors, raising $14.8 million.

The purpose of the NFT sale was to finance the construction of a restaurant and bar called "Flyfish Club" in New York. The SEC claimed that the project led investors to expect profits from the business activities and highlighted potential profits from reselling their NFTs at inflated prices.