OpenSea received a WELLS notice from the U.S. SEC

ChainCatcher news, according to @tier10k, OpenSea has received a WELLS notice from the U.S. Securities and Exchange Commission (SEC).

In response, OpenSea founder Devin Finzer stated that they received a Wells notice from the SEC, as the SEC believes that the NFTs on the platform are considered securities and threatens to sue them. OpenSea expressed shock at this move, stating that it would have widespread implications for creators and artists. To address this situation, OpenSea has committed to allocating $5 million to help NFT creators and developers who received Wells notices cover legal fees, and emphasized that they will continue to fight for the industry.