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.
Cryptocurrencies have long been in the crosshairs of the SEC, and companies like @coinbase, @Uniswap, @RobinhoodApp, @krakenfx, and @Consensys have been fighting against the SEC's single-track approach of "regulation by enforcement."
But 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.
NFTs are fundamentally creative goods: art, collectibles, video game items, domain names, event tickets, and more.
We should not regulate digital art in the same way we regulate collateralized debt obligations.
As we've built OpenSea, we've heard so many stories about the impact of NFTs on people’s lives, including:
• Student artists finding full-time careers in selling their digital art
• Indie game developers instantly enabling open markets for their in-game items, without having to build marketplaces from scratch
• Passionate collectors from different corners of the world joining new communities, all centered around shared digital ownership
It would be a terrible outcome if creators stopped making digital art because of regulatory saber-rattling. Take, for example, the suit filed against the SEC by the musician @songadaymann and conceptual artist @brianlfrye, which describes their fear that the sale of their art and music could be deemed unregistered securities offerings.
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 🌊⛵️
[The beginning]
The Exverse universe is opening up soon, and it begins with our very first alpha tournament event.
You vs the world. Do you have what it takes?
The first tease - a $50,000 prize pool. More info soon, stay tuned.
Sign up here 👉 https://t.co/cgywENh27O
#Exverse #ExverseAlpha
Over a year in the making, it's time to embrace your true self.
Introducing STRANGE PEOPLE, a 3D fashion collectible packed with a very unique style.
Are you ready to get strange? 👽
Day 4 of farming $BLOCK - more and more airdrops popping out of nowhere. @GetBlockGames is still my favorite project of them all 🧑🏻🌾
Thanks @MasterJanNFT for the edit ❤️🤝
Our Lingo investors combine over $3B in assets under management.
With diverse holdings in companies, real estate, and more.
We're privileged to have onboarded smart investors with extensive experience, adding a layer of confidence to our RWA strategy.
OBJ is about to land…on more than one blockchain.
Next week.
Eth, Sol and Btc.
Enter the raffle to win your allowlist spot for the first, freemint, drop (premint in the comments).
More details soon.
🔱Our Testnet is Now Live🔱
🔑You can now free mint a Key NFT for a guaranteed airdrop!
💎invite your friends using our referral system and both of you will earn points!
https://t.co/KjuSBTO5em
#BLASTFANTASY#BLAST_L2