According to him, the Bored Ape NFTs did not meet several requirements to determine whether financial transactions involving them are considered securities. Judge Olguin ruled that Bored Ape NFTs are not securitiesIn his Thursday, October 2 ruling, Olguin pointed out that Bored Ape NFTs differed from other NFT collections previously recognized as securities. The federal judge had also discovered that Bored Ape NFTs did not meet the necessary “common enterprise” aspect of the test used to establish an asset as a security. While Bored Ape NFTs have cooled off and depreciated in value and cultural significance, they have still racked up a remarkable $7.2 billion in trading volume since their launch in 2021. Despite this significant ruling, Bored Ape NFTs look largely the same.