How Ashton Kutcher and Mila Kunis Became Web3 Power Players
While most people know Ashton Kutcher and Mila Kunis as Hollywood stars, they have also become influential figures in the Web3 space. In this article, we look back at their journey into the crypto industry, examining their investments, impact, and the regulatory challenges they’ve faced.
On this page
- Early Investments in Blockchain and VC Funds
- Kutcher's Foray into Crypto Projects
- Kunis's Shift Toward Web3
- Stoner Cats NFT Project: Innovation and Regulatory Challenges
- Structure and Market Strategy
- SEC Charges and Legal Precedent
- BFF DAO: Empowering Women in Web3
- Mission and Structure
- Impact on the Community and Criticism
- Collaborations and Partnerships
- Vitalik Buterin’s Involvement and Ethereum’s Influence
- Sound Ventures Expands into AI and Blockchain Investments
- Regulatory Challenges and Impact on the Industry
- SEC’s Evolving Stance on NFTs
- Compliance Strategies in Web3
- Balancing Innovation and Regulation
Ashton Kutcher and Mila Kunis began their journey into the blockchain industry with Kutcher’s early investments in startups, eventually expanding into projects like Stoner Cats and BFF DAO. Their initiatives played a key role in popularizing NFTs and decentralized technologies but also attracted regulatory scrutiny.
The most notable incident involved an investigation by the U.S. Securities and Exchange Commission (SEC), which fined the Stoner Cats project $1 million for selling “unregistered securities.”
Early Investments in Blockchain and VC Funds
Kutcher's Foray into Crypto Projects
Ashton Kutcher showed interest in blockchain technology well before the NFT craze. Through his venture capital firm, Sound Ventures, which he co-founded with Guy Oseary in 2015, he invested in projects like BitPay (a Bitcoin payment processor), and Unikrn (an esports betting platform). However, Unikrn later faced SEC penalties for issuing tokens on the Ethereum blockchain.
At the 2017 TechCrunch Disrupt conference, Kutcher shared his vision of blockchain as a game-changer for security and digital autonomy.
“We could civically, anonymously monitor each other to preserve security and safety online without having to worry about Big Brother: an instrument of mass good,” he said.
Kutcher later expanded his investments into NFT marketplaces, including OpenSea and NFT Genius, cementing his status as one of the early major investors in the digital economy.
Kunis's Shift Toward Web3
Unlike Kutcher, Mila Kunis was primarily focused on her acting career until her interest in blockchain was sparked by Stoner Cats, an animated series launched in 2021.
The project used an NFT-based model: access to the show was granted exclusively to holders of special tokens, while the Ethereum blockchain managed ownership rights and distributed royalties to investors.
Kunis described Stoner Cats as a way to “eliminate middlemen” and restore creative control to artists and writers—a fundamental principle of Web3.
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While the project effectively demonstrated blockchain's possibilities in the entertainment industry, it also drew regulatory scrutiny and became the focus of a high-profile investigation.
Stoner Cats NFT Project: Innovation and Regulatory Challenges
Structure and Market Strategy
The Stoner Cats NFT project debuted with 10,330 NFTs priced at 0.35 ETH each (approximately $800 at the time), raising $8 million to fund the animated series.
NFT holders gained exclusive access to the episodes and earned 2.5% royalties on token resales, encouraging speculative investments.
The project featured a star-studded cast, including voice work from Seth MacFarlane and Chris Rock. Even Ethereum co-founder Vitalik Buterin lent his voice to one of the characters, although he wasn’t involved in the technical development.
Kunis and Kutcher promoted the NFTs as a way for fans to participate in the show’s success, stating on Twitter:
“The more successful the show, the more successful your NFT.”
This marketing approach drew the attention of the SEC, which later ruled that Stoner Cats NFTs were unregistered securities.
Source: Х
SEC Charges and Legal Precedent
In September 2023, the SEC fined Stoner Cats 2 LLC (the company behind the NFT project) $1 million and ordered the destruction of unsold NFTs.
The SEC’s ruling was based on three key factors:
- Investment
Buyers purchased NFTs with the anticipation of making a profit.
- Common Enterprise
The value of the tokens was directly tied to the project’s success.
- Dependence on Third-Party Efforts
The marketing strategy highlighted the show’s creators as the main drivers of potential profits.
Former Director of the U.S. SEC Division of Enforcement Gurbir Grewal
(who served from 2021 to 2024) pointedly remarked:
“Regardless of whether your offering involves beavers, chinchillas, or animal-based NFTs, it’s the economic reality—not the labels—that determines if it’s a security.”
However, not everyone at the SEC agreed with this decision. Commissioners Hester Peirce and Mark Uyeda dissented, arguing that Stoner Cats was more akin to a crowdfunding project than a sale of investment securities.
Their dissent underscored the ongoing regulatory uncertainty surrounding the NFT industry.
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BFF DAO: Empowering Women in Web3
Mission and Structure
In 2024, Mila Kunis launched BFF DAO, a decentralized autonomous organization (DAO) dedicated to empowering women and non-binary individuals in the Web3 space.
The project introduced BFF NFT bracelets, which grant holders exclusive access to educational resources and a tokenized social network.
Kunis casually compared BFF DAO to Friends with Benefits, another popular NFT community, saying that it would be
“way less money-laundering and more transparency.”
Her remark sparked conversations within the crypto community about industry regulation, highlighting the importance of financial transparency in the evolving Web3 landscape.
Impact on the Community and Criticism
BFF DAO quickly grew to over 15,000 members, gaining support from influential figures like Gwyneth Paltrow and Tyra Banks.
Despite the mixed reactions to Kunis’s remarks, BFF DAO has shown that decentralized organizations can foster inclusive communities in Web3 while attracting more women to the crypto industry.
Collaborations and Partnerships
Vitalik Buterin’s Involvement and Ethereum’s Influence
Ethereum co-founder Vitalik Buterin made a guest appearance as a voice actor in the Stoner Cats project, boosting its visibility and credibility within the Web3 community.
While Buterin did not serve as a technical advisor or play an active role in the project’s development, his participation underscored Ethereum’s importance as a platform for digital content distribution and innovative funding for creative projects.
Sound Ventures Expands into AI and Blockchain Investments
Ashton Kutcher’s VC firm, Sound Ventures, is broadening its investment strategy by exploring opportunities at the intersection of artificial intelligence and blockchain technology.
One of its key investments is in Hugging Face, an AI startup pioneering decentralized machine learning solutions.
Although Hugging Face isn’t solely focused on blockchain, the investment highlights Kutcher’s forward-thinking approach and his commitment to exploring the latest digital innovations.
Source: Miquido
Regulatory Challenges and Impact on the Industry
SEC’s Evolving Stance on NFTs
The Stoner Cats case has become a key example of the U.S. Securities and Exchange Commission’s (SEC) growing scrutiny of NFT projects marketed as investment assets.
While the SEC ruled against the project, some commissioners voiced concerns that such regulatory actions could hinder innovation in the Web3 space. This case serves as a critical reference point in the ongoing debate over digital asset regulation.
Compliance Strategies in Web3
After the SEC fined Stoner Cats, NFT creators are re-evaluating their approach to launching new projects to reduce legal risks.
To comply with evolving regulations, they are adopting the following strategies:
- Avoiding investment language to ensure NFTs are not classified as securities.
- Designing NFTs as utility tokens, such as content access passes, instead of speculative assets.
- Seeking legal guidance to navigate evolving securities regulations.
This precedent underscores the growing need for clear regulatory guidelines in the NFT market.
Balancing Innovation and Regulation
Ashton Kutcher and Mila Kunis have leveraged their celebrity influence to introduce blockchain technology to a wider audience. Through strategic investments and high-profile collaborations, they have positioned themselves as leading advocates of Web3, merging entertainment, technology, and finance.
The Stoner Cats project showcased the potential of NFTs for funding media projects while also revealing the legal challenges linked to tokenized content.
Meanwhile, BFF DAO has shown that Web3 can drive social change, even amid ongoing skepticism about decentralized autonomous organizations (DAOs).
As digital asset regulations tighten, the continued influence of Kutcher and Kunis on the Web3 industry will be worth watching. Their journey highlights both the opportunities and challenges of integrating blockchain into traditional industries, providing valuable insights for future Web3 entrepreneurs and investors.
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