This Week’s Top Stories: NFTs in the Spotlight
In this week’s newsletter, we’re diving into some exciting developments in the world of non-fungible tokens (NFTs). From a proposed lawsuit claiming that OpenSea’s NFTs are securities to the impressive sales figures of Infinex’s latest collection, and from Puma’s partnership with a Web3 mobile game to the Philippines’ education initiative on blockchain and NFTs – we’ve got it all covered.
OpenSea Users Claim NFTs are Securities in Proposed Class Suit
In a shocking turn of events, two OpenSea users have filed a class-action lawsuit against the popular NFT marketplace. Anthony Shnayderman and Itai Bronshtein allege that the NFTs they purchased on OpenSea are now worthless because they are illegal.
Highlighted Excerpt of the Lawsuit’s Arguments
The plaintiffs argue that the NFTs in question are securities, which means they should be regulated by the Securities and Exchange Commission (SEC). They claim that OpenSea failed to disclose this information, leading them to purchase NFTs that are now worth nothing.
According to the lawsuit, filed on September 19, "OpenSea’s failure to disclose the fact that the NFTs in question are securities is a material misrepresentation, and it has caused Plaintiff and the Class Members to suffer damages." (Source: Pacer)
OpenSea Responds
In response to the allegations, OpenSea refuted the claims, describing them as "baseless." An OpenSea spokesperson told Cointelegraph that coming up with a lawsuit based on their disclosure of a Wells notice won’t make the allegations in the complaint true.
A Wells Notice: What is it?
A Wells notice from the SEC serves as a warning, outlining the regulator’s concerns and giving the potentially accused company an opportunity to respond. It signals that the agency may pursue enforcement action in the future.
Infinex NFTs Top $40 Million Sales in First Four Days, Despite NFT Bear Market
Decentralized applications platform Infinex has made waves with its latest NFT collection, reaching a staggering $40 million in sales in just four days. Infinex Core working group lead Kain Warwick said the collection is expected to attract more interest as it expands to the wider community.
Infinex’s Ongoing Launch Season
Due to its ongoing launch season, Infinex reached a total value locked (TVL) of over $150 million on July 25. In just the first 10 days of the campaign, the platform’s TVL grew by $100 million.
Puma Partners with Web3 Mobile Game
Footwear company Puma has partnered with the Web3 mobile game UNKJD Soccer. UNKJD CEO Tal Friedman said the partnership aims to unlock more player experiences. Friedman told Cointelegraph:
"When established brands like Puma embrace Web3, it signals a shift in the perception of blockchain technology — from niche to mainstream."
With this partnership, Puma-based characters and branded skins will be introduced in the game.
Philippines Agency Empowers Youth with Blockchain and NFT Education
The Philippines’ Advanced Science and Technology Institute, an agency working under the nation’s Department of Science and Technology, conducted a tech forum on September 20, educating the youth on blockchain technology’s potential.
Blockchain for Youth Innovators Event in the Philippines
The agency explained that technologies like artificial intelligence, cybersecurity, and blockchain are reshaping the public and private sectors.
This initiative aims to empower the next generation of innovators with the knowledge and skills needed to thrive in a rapidly changing world.
Thanks for Reading!
Thanks for joining us this week for some exciting updates from the NFT space. We’ll be back again next Wednesday with more reports and insights into this actively evolving landscape. Stay tuned!
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