That's not how it works.

The kitty tokens are more like a product than a security I think as each kitty token is unique, but I'm not a lawyer

That's considered collectibles.

Take this difference, for example: if you buy a collectible Ford Shelby GT from 1964 and you pay 10x more what the previous owner paid, you do so with hopes that its a good investment into collectible that eventually someone will give you a better price in the future. Your asumption/feeling of security (hence name "securities" btw) is not guaranteed by anything more than hope that someone will eventually pay more (they never may be such person).

Meanwhile if you buy Ford stock with the same purpose of re-selling it later down the road for hopefully higher price, you are being reassured aka "secured" by the company financial standing, their technical analyze, current market value, future strategy for the corp, etc. If these are phony then hopefully/supposedly SEC steps in to protect you from what most likely will turn out to be scam. Collectibles (genuine one of course) do not come with guarantee/security that their current value (what you personally gave for) will remain in the future, or be repriced higher.

Thank you for the explanation -- I was wondering how securities law is written to exempt the classic-Ford case, when "investors" expect a gain in value that isn't e.g. related to dividends but rather popularity quirks. Your distinction makes sense.

You welcome!