Are Panda Fantasy Keys securities?

A security is "[a]n instrument that evidences the holder’s ownership rights in a firm (e.g., a stock), the holder's creditor relationship with a firm or government (e.g., a bond), or the holder's other rights (e.g., an option)." Black’s Law Dictionary, 10th ed.

Panda Fantasy keys are "fantasy" virtual ownership of a Country's national team, there is no actual ownership or right. These keys have multiple utilities such as earning PANDA rewards, competition fun, and potential unlocking of crowd funded bonus pools. So Panda Fantasy is a Web3 game with keys acting as digital assets that enable you to unlock your knowledge of sports into monetization via crowd funded pools.