Hide your baseball cards 🙈

OpenSea was served a Wells notice by the SEC, calling the NFTs on their platform "securities."

A braindead reaction to digital collectibles. The SEC now has to go after GoDaddy, Fortnite, Ticketmaster, and any platform where people might buy/sell digital collectibles for profit.

The SEC's actions are misguided and harmful to artists, creators, and the NFT ecosystem.

Some are saying that maybe they are only going after NFTs with royalties or that act as shares within a company. But that would require a level of nuance and competency I don't think the SEC has shown.

https://x.com/opensea/status/1828792745852588503

Regulatory uncertainty continues to loom over the NFT market as the SEC's recent actions raise concerns about the future of digital collectibles. The lack of clarity on what constitutes a security in the NFT space is creating challenges for platforms and users alike. Striking a balance between investor protection and fostering innovation is crucial to ensure a thriving NFT ecosystem.