If it looks like a duck and quacks like a duck…

The fact that the thing being abstracted into a security is BS doesn’t affect the rules you have to follow when you’re acting like a thing is an investment.

Pumping and dumping nonsense Is securities fraud in plenty of cases, the legal frameworks were created to prevent that kind of behavior.

Pumping and dumping collectibles has a long history, from beanie babies to fake bodily remains of saints...

If I sell you a share the represents a beanie baby, that’s a security. It doesn’t matter what the underlying asset is, a security is a security and NFTs look a lot like securities.

Your AAPL shares are just entities in a database somewhere (or a series of databases, it’s complex), an NFT is essentially the same, database entries that point to ownership of an abstract thing which can be traded.

NFT are just lame collectibles. A security has to secure ownership of something tangible that's not just its own definition of value or uniqueness.

There are many traded securities which do not secure ownership of anything tangible. Too many.