I would agree with you that an NFT in itself does not constitute a security. An NFT as it was actually used by crypto people is a different story, though. And I

I would agree with you that an NFT in itself does not constitute a security. An NFT as it was actually used by crypto people is a different story, though. And I would say that the "NFT as a pre-investment in a project" is the norm, not the exception in that regard.