The U.S. Securities and Trade Fee (SEC) has formally ended its investigation into non-fungible token (NFT) market OpenSea, based on the corporate’s founder, Devin Finzer.
In a put up on X on February 21, Finzer described the choice as a big victory for the NFT neighborhood.
“The SEC is closing its investigation into OpenSea. It is a win for everybody who’s creating and constructing in our area,” Finzer said.
SEC Drops Lawsuit In opposition to Coinbase
The announcement got here shortly after the SEC dropped its lawsuit in opposition to crypto trade Coinbase, which had been accused of working as an unregistered securities dealer.
Finzer emphasised that classifying NFTs as securities might have severely hindered innovation throughout the digital artwork and collectibles area.
The SEC’s investigation into OpenSea started in August 2024 when the regulator issued a Wells discover, alleging the platform functioned as an unregistered securities market.
The choice to shut the case has been met with widespread assist throughout the crypto and NFT industries.
Chris Akhavan, chief enterprise officer at rival NFT market Magic Eden, expressed solidarity regardless of the businesses being opponents.
“Whereas we’re opponents within the trenches, we share a deep perception in NFTs and what they’ll allow. Pleased to see such a win for the area,” Akhavan wrote on X.
Wonderful information and a transparent win for many who are creating and constructing @opensea. The earlier SEC underwent a sweeping and legally flawed investigation + reg by enforcement method, which had been direct assaults in opposition to creators, artists, and U.S. innovation. Respect OpenSea for… https://t.co/Fk1wlluW0C
— Ji Kim (@_jikim) February 22, 2025
Outstanding crypto commentator Beanie additionally welcomed the information, suggesting it might ignite a brand new surge within the NFT market.
“OpenSea did an exquisite factor for the NFT business by facilitating some regulatory readability. I’m positive it has come at nice value as properly. So we should always all be grateful for that,” Beanie advised his 223,800 followers.
The announcement follows OpenSea’s February 13 assertion that it plans to launch a brand new undertaking token, SEA, although particulars in regards to the launch date stay undisclosed.
Regardless of this constructive regulatory end result, OpenSea has confronted latest criticism over its paused airdrop reward system, with customers accusing it of encouraging wash buying and selling and prioritizing payment assortment over neighborhood assist.
NFT Market Rebounds in 2024 with $8.83B in Gross sales
The NFT market closed 2024 on a constructive notice with annual gross sales surpassing $8.83 billion, a 1.1% enhance from 2023’s $8.7 billion, based on CryptoSlam knowledge.
Ethereum and Bitcoin led the market, every producing $3.1 billion in gross sales, adopted by Solana with $1.4 billion.
In complete NFT gross sales, Ethereum stays dominant with $44.9 billion in all-time gross sales, trailed by Solana at $6.1 billion and Bitcoin at $4.9 billion.
Regardless of the slight restoration, 2024’s gross sales volumes had been considerably decrease than the market’s peak years.
NFT gross sales hit $15.7 billion in 2021 and soared to $23.7 billion in 2022, making 2024’s complete a 43.9% and 62.8% decline from these peak durations.
The market’s resurgence started after a seven-month stoop, with gross sales reaching their lowest level since 2021 in September.
Nevertheless, a rebound emerged within the closing quarter. October gross sales rose by 18% to $353 million, adopted by a six-month excessive of $562 million in November.
December concluded the 12 months strongly, reaching $877 million in gross sales—the fifth-highest month-to-month complete of 2024.
The put up SEC Concludes Investigation into NFT Market OpenSea, Founder Says appeared first on Cryptonews.