I would call this futa. Those nipples are not the masculine variety, and the breasts are overdeveloped for a normal male. Commence debate.

This isn't tagged "futanari" on Pixiv, but it is tagged as "homo" (ホモ). I'm pretty sure this is supposed to be a feminine guy.

Well, I did already change it on account of "tag what you see", as I've never seen such nipples or such perky breasts on a guy, but if anyone objects and wants to change it back, I will not stand in their way.