‘Major implications’ for gaming tokens as CyberKongz hit with SEC Wells notice

December 16, 2024 Coin Telegraph

CyberKongz said it was first contacted by the SEC two years ago and had been “suffering in silence” ever since.

Gaming tokens could be in for a setback after non-fungible token (NFT) platform CyberKongz was hit with a Wells notice by the United States securities regulator.

The Securities and Exchange Commission (SEC) brought up the “concerning rhetoric” that an ERC-20 token in tandem with a blockchain game cannot be issued without it first being registered as a security, CyberKongz said in a Dec. 16 X post.

Such discourse would have “major implications” for the Web3 gaming industry, CyberKongz explained, adding it would “defend against this stance for the wider space.”

Switzerland’s Crypto Valley hits 3B with 17 unicorns in 2024

Switzerland’s Crypto Valley hits $593B with 17 unicorns in 2024

OpenSea Cayman Islands registration fuels token airdrop rumors

December 15, 2024 Coin Telegraph

Blur

NFT community members hope the platform will reward its early users with a token airdrop.

Non-fungible token (NFT) marketplace OpenSea has sparked speculation of an impending token launch and user airdrop following its registration in the Cayman Islands.

The news was shared on Dec. 14 by Waleswoosh, a pseudonymous researcher from the Azuki NFT collection, who posted a screenshot of OpenSea’s Cayman Islands registration. NFT community members have since speculated that the digital collectible platform plans to launch a cryptocurrency and conduct a token airdrop.

Source: Waleswoosh

Switzerland’s Crypto Valley hits $593B with 17 unicorns in 2024

Brooklyn DA shutters 40 NFT scam sites after artist loses $135K

December 9, 2024 Coin Telegraph

Brooklyn DA shutters 40 NFT scam sites after artist loses 5K

Brooklyn District Attorney's Office

An investigation into the victim of an NFT scam led the Brooklyn District Attorney’s Virtual Currency Unit to discover and dismantle a network of fake NFT marketplace sites.

Brooklyn’s District Attorney said his office has shut down 40 fraudulent non-fungible token (NFT) marketplace websites after an 85-year-old artist was conned out of $135,000 by a scammer.

The victim was contacted on LinkedIn by someone posing as an art dealer who convinced him to mint his artwork on a fake NFT marketplace resembling the New York-based OpenSea, the Brooklyn District Attorney’s Office said on Dec. 6.

He was later told he made $300,000 in profits — but in order to access it, he had to send a $135,000 “fee,” which he sourced from fully liquidating his retirement account, credit card payments and a loan.

Switzerland’s Crypto Valley hits $593B with 17 unicorns in 2024

OpenSea users drop securities suit after marketplace demands arbitration

November 11, 2024 Coin Telegraph

class action

The lawyer for two OpenSea users who accused the platform of selling them securities told Cointelegraph they “had no choice but to dismiss the pending case.”

Two OpenSea users accusing the non-fungible token marketplace of selling unregistered securities have dropped their proposed class-action lawsuit after a judge allowed the firm to demand arbitration.

On Nov. 7, Anthony Shnayderman and Itai Bronshtein filed a voluntary dismissal of their securities suit against Ozone Networks, which does business as OpenSea, in a Florida federal court after Judge Cecilia Altonaga allowed OpenSea to file a motion to compel the pair into arbitration in an order last month.

OpenSea had held firm that it would compel the two users into arbitration, claiming in an October filing that they agreed to its terms of use that say all claims would be resolved by an arbitrator — including if the claims should be arbitrated in the first place.

Switzerland’s Crypto Valley hits $593B with 17 unicorns in 2024

NFT Marketplace OpenSea Announces New Re-Build of Platform ‘From the Ground Up’

November 7, 2024 The Daily Hodl

Daily Hodl

Leading non-fungible token (NFT) marketplace OpenSea says it is about to launch a major overhaul of its platform. In a post on social media platform X, OpenSea co-founder and CEO Devin Finzer says he has been working to rebuild the world’s largest NFT marketplace. “We’ve been quietly cooking at @opensea. To really innovate, sometimes you […]

The post NFT Marketplace OpenSea Announces New Re-Build of Platform ‘From the Ground Up’ appeared first on The Daily Hodl.

Switzerland’s Crypto Valley hits $593B with 17 unicorns in 2024

Coinbase’s ‘Stand With Crypto’ creates NFT legal defense fund

September 13, 2024 Coin Telegraph

A16Z

Coinbase has emerged as a vocal advocate for the crypto industry in the face of ongoing regulatory crackdowns in the United States.

Stand With Crypto, a political advocacy group led by Coinbase, launched a legal defense fund for non-fungible token (NFT) projects, according to a Sept. 13 post on the X platform.

Dubbed the Creator Legal Defense Fund, the $6 million fund is backed by venture capital firm a16z and NFT marketplace OpenSea. According to Stand With Crypto's website, it is also backed by law firms, including Fenwick & West LLP, Goodwin Procter LLP, and Latham & Watkins LLP.

“With the SEC issuing OpenSea a Wells notice, as well as other attacks on artists and creators, it has become clear that those looking to build on blockchain technology will continue to face significant legal threats and challenges,” according to the website.

Switzerland’s Crypto Valley hits $593B with 17 unicorns in 2024

Rare Ape CryptoPunk sells for $1.5M, Magic Eden dominates NFT trading volume: Nifty Newsletter

September 11, 2024 Coin Telegraph

Coin Telegraph

A group of blockchain advocates urged the United States Congress to clearly define NFTs in response to the SEC Wells notice to OpenSea.

In this week’s newsletter, read about how the non-fungible token (NFT) marketplace Magic Eden continues to dominate the space in trading volume, surpassing its competitors. However, the company has also faced backlash over its decision to segregate its United States-based services. Check out how a rare CryptoPunk sold for almost $1.5 million despite the market not looking good for NFTs. In other news, blockchain advocates urged the US Congress to define certain NFTs as consumer products and exempt them from securities laws.

Magic Eden clinched the top spot in trading volume in August, marking its sixth consecutive month in first place. The marketplace recorded a volume of $122.47 million, securing a 36.7% market share for the month.

Blue held the second spot with a trading volume of $84 million. This gave the NFT marketplace a market share of 25.4%. Meanwhile, OpenSea saw $66.5 million in trading volume in August, bringing its market share to almost 20%.

Switzerland’s Crypto Valley hits $593B with 17 unicorns in 2024

Digital Chamber calls for Congress to address SEC actions against NFTs

September 11, 2024 Coin Telegraph

Coin Telegraph

The CEO of OpenSea reported receiving a Wells notice from the SEC in August, suggesting that the commission could be taking a new regulatory approach to NFTs.

The crypto and blockchain advocacy organization Digital Chamber is calling on the United States Congress to enact legislation “to clearly define certain NFTs [non-fungible tokens] as consumer products and exempt them from federal securities laws” in response to potential enforcement actions against the OpenSea platform.

In a Sept. 10 notice, Digital Chamber described the US Securities and Exchange Commission (SEC) Wells notice against OpenSea as an “overreach into the digital asset industry.” Though the regulator had not filed a lawsuit against the NFT platform at the time of publication, a Wells notice suggested that the SEC was considering an enforcement action.

Source: Digital Chamber

Switzerland’s Crypto Valley hits $593B with 17 unicorns in 2024

Why is the SEC going after digital art and monkey pictures? Law Decoded

September 2, 2024 Coin Telegraph

Coin Telegraph

OpenSea faces SEC scrutiny as the debate over NFTs as unregistered securities heats up, causing a stir in the crypto world.

On Aug. 28, the United States Securities and Exchange Commission issued a Wells notice to OpenSea, the non-fungible token (NFT) marketplace.

OpenSea CEO Devin Finzer was “shocked” when the SEC accused the exchange of being a marketplace for unregistered securities.

The announcement resulted in an uprising in the crypto community, led by Finzer’s statement that OpenSea was prepared to “stand up and fight.”

Switzerland’s Crypto Valley hits $593B with 17 unicorns in 2024

Telegram CEO Arrested, Coinbase CEO Bullish on Crypto Payments, and More — Week in Review

September 2, 2024 Bitcoin.com

bitcoin.com

The arrest of Telegram CEO Pavel Durov in France has sent shockwaves through the crypto community. Coinbase CEO Brian Armstrong expressed optimism about the future of crypto payments, predicting it as the next big boom driven by advancements in technology. The SEC has issued a Wells notice to Opensea, potentially classifying NFTs as securities. Economist […]

Opensea

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