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
Non-fungible human. Co-founder and CEO @opensea
Joined October 2009
- I know you’re all worried. We’re running an all hands on deck investigation, but I want to take a minute to share the facts as I see them:
- In 2020, OpenSea did about $21M in total transaction volume. In the last two days, we did $95M. The growth curve for NFTs is insane.
- A lot is changing at @opensea: • We're rolling out OS2 — a brand new OpenSea built from the ground up. NFTs 🤝 tokens. • $SEA is coming from @openseafdn • We're changing policies that didn’t make sense for web3: re-enabling locked items and delisted collections, and removingOS2 open beta is now live: • A fully reimagined product built entirely from the ground up, for collectors and pros • NFTs 🤝 tokens, brought together in one place • Brand new, beautiful ways to explore — beyond just the floor • 14 chains (welcome @flow_blockchain, ApeChain
00:00 - The SEC is closing its investigation into @opensea. This is a win for everyone who is creating and building in our space. Trying to classify NFTs as securities would have been a step backward—one that misinterprets the law and slows innovation. Every creator, big or small,
- OpenSea just hit $1B in trading volume for the month of August so far. And it's still day 0 for NFTs.
- OpenSea crossed $2.6B in trading volume this month, with over 90% from token trading. This is just the beginning of our transformation, from “NFT marketplace” to “trade everything.” NFTs were chapter one for us. In 2021, OpenSea brought the first wave of everyday internet users
- Today is a hard day for OpenSea, as we’re letting go of ~20% of our team. Here’s the note I shared with our team earlier this morning:
- we've heard the feedback on the current XP system, and we're putting a pause on XP given directly for listing and bidding while we don’t think liquidity rewards are inherently bad (see more below), we understand that there are a lot of strong emotions towards point systems, and
- seeing some confusion out there goes without saying, but we haven't forgotten the OGs who helped build this space from day 0
- We've been quietly cooking at @opensea To really innovate, sometimes you have to take a step back and reimagine everything So we built a new OpenSea from the ground up Sails up in December ⛵️A new OpenSea is coming. December 2024. opensea.io/waitlist
00:00 - OpenSea is for builders and innovators, not drama and distraction. Always has been, always will be ⛵️
- I've been building OpenSea since 2017. I can safely say it's my life's work, and it comes with the conviction to take big swings. With OS2, we decided to rebuild our tech, product, and operating culture from the ground up. We deliberately "slowed down to speed up". Now we getToday we're introducing: - OS Mobile: a beautiful trading experience powered by AI - Flagship Collection: honoring web3's cultural heritage - Final Rewards Phase: 50% of platform fees funding millions in token & NFT prizes - $SEA Update: details in early October Learn more ⬇️
00:00 - We’re conducting a thorough review of yesterday’s incident and are committed to doing the right thing for OpenSea users. We have posted an official statement here: opensea.io/blog/announcem…



