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 have to take a step back and reimagine everything
So we built a new OpenSea from the ground up.”
OpenSea also opens the waitlist for its revamped platform, which is set for launch in December this year.
The firm is launching its new version amid regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC).
In August, Finzer revealed that OpenSea received a Wells notice from the SEC warning that the platform is involved in potential securities violations.
According to Finzer, the SEC considers the NFTs on OpenSea as securities. He promises that the platform will defend itself against the regulator and allocate $5 million to cover the legal fees of NFT artists who may also receive a similar Wells notice.
“By targeting NFTs, the SEC would stifle innovation on an even broader scale: hundreds of thousands of online artists and creatives are at risk, and many do not have the resources to defend themselves.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
