I just read @themarkymark/is-your-nft-illegal and I'm not sure that's what's happening. (Presuming you're referring to land, promos, etc. in Splinterlands) They aren't exactly securities because they bring functionality to the game. It seems like it would fall under the law as a basic presale like any other gaming company might launch. The fact buyers believe they will have value is based on the history of the game being successful, rather than the promise of a return.