CandleFocus OpenSea NFT Marketplace Hit With Class Action Suit Over Alleged Securities Sales
2024-09-20
Author: Content Editor
The Moskowitz Law Firm has filed a class-action lawsuit against OpenSea, alleging that the platform sold NFTs as unregistered securities. The lawsuit claims that two Florida residents suffered damages from purchasing NFTs on OpenSea, which was a popular platform for buying digital art and collectibles during the NFT market boom. The law firm is currently litigating against various crypto firms and celebrities, including FTX, Shaquille O’Neal, and Cristiano Ronaldo. The latest lawsuit accuses OpenSea of misleading investors and unjustly enriching itself through fees on NFT transactions. It also argues that NFTs fall under the definition of securities as investment contracts. The lawsuit comes after OpenSea disclosed receiving a Wells notice from the SEC, indicating a potential enforcement action against the platform. OpenSea CEO Devin Finzer criticized the SEC's approach, stating that regulating digital art like collateralized debt obligations would put artists at risk.
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