OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities.

We're shocked the SEC would make such a sweeping move against creators and artists. But we're ready to stand up and fight.

This is a move into uncharted territory. By targeting NFTs, the SEC would stifle innovation on an even broader scale: hundreds of thousands of online artists and creatives are at risk, and many do not have the resources to defend themselves.

In addition to standing our own ground, we're pledging $5M to help cover legal fees for NFT creators and devs that receive a Wells notice. Every creator, big or small, should be able to innovate without fear.

I hope the SEC will come to its senses sooner rather than later, and that they'll listen with an open mind.

Until then, we'll stand up and fight for our industry.

Onwards 🌊⛵️

OpenSea has received a Wells notice from the SEC. 

We’re shocked that the SEC would make a move that threatens creators and artists, and we’re ready to stand up and fight for our industry.

To help ensure creators continue building without fear, we’re pledging $5M to cover legal fees for NFT artists and developers that receive a Wells notice. 

Read more on our blog post here:

The largest NFT marketplace. Buy, sell, & discover the internet of goods. Get help at http://support.opensea.io. We will never DM you first.

To help ensure creators continue building without fear, we’re pledging $5M to cover legal fees for NFT artists and developers that receive a Wells notice. 

Read more on our blog post here: 
https://opensea.io/blog/articles/taking-a-stand-for-a-better-internet

What even is a security? - in layman’s terms.