Emojis as Investment Advice

When Harbor Access reached 1,000 followers this week some well-wishers sent us a rocket ship and bag of money emoji. These type of emojis can now be seen as investment advice according to a ruling last week by Southern District of New York judge Victor Marrero. The Federal judge was talking about the use of emojis promoted by soical media influencers in NFT projects like Dapper Labs and the NBA's Top Shots Moments.

The question at stake is whether cryptocurrencies or NFTs can be considered securities. In their purest form, NFTs have often been referred to as a “collectible” or “art” though, it may present an attractive investment opportunity whether intended or not.

One of the first NFT marketplaces, Revival states on its Medium profile that it provides artists and users with “experiences to create, buy and sell NFT artworks at decent returns”. That sounds a like a security, akin to investing in blue-chip art that you hope will retain – even grow – in value over time.  

Emojis, though, are showing up in more and more court cases. According to Eric Goldman, a Santa Clara University emoji law expert who tracks stats, there were 33 in 2017 and more than 200 last year.

After the judgment, some recommended avoiding emojis all together until regulators, lawmakers and courts can decide if crypto is a security. Take former United States Securities and Exchange Commission (SEC) branch head Lisa Braganca, who advised crypto enthusiasts to stop using the rocket emoji, money bags, and stock chart emojis when referring to NFTs or crypto in digital communication.

If you choose to use emojis in your social media, enjoy, but do so wisely. Don’t be afraid to use them—just be aware that you could end up communicating the wrong message. Above all, be sure the emojis are relevant to your brand or the message you are trying to convey.

Read the decision: https://regmedia.co.uk/2023/02/27/dapper-labs-dismissal-rejection-decision.pdf