NFT News Today TheBittimes.com

OpenSea, one of the world’s first and largest web3 marketplaces for non-fungible tokens and crypto collectibles, has received a legal notice from the United States Securities and Exchange Commission, claiming that non-fungible token collections on its market platform are illegal securities. The move is a big blow to creators, collectors, and other market players. SEC Issues A Wells Notice To OpenSea In an August 28 blog post, Davin Finzer, the co-founder and the chief executive officer of the OpenSea NFTmarketplacee, confirmed that they had been served with a legal notice by the United States Securities and Exchange Commission (SEC) that claims NFTs in its platform are securities. The fate of creators and artists now lies in the corridor of justice. 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 read...

The MetaBirkin creator argued that his project was protected under the first amendment as artistic expression; however, that defense ultimately fell short. French luxury fashion house Hermès has notched another win in its infringement case against artist Mason Rothschild after a United States judge ordered a permanent injunction on all “MetaBirkin” nonfungible token (NFT) sales . Hermès initially submitted the request to the U.S. District Court for the Southern District of New York in March to block all sales of the MetaBirkin NFTs. On June 23, Manhattan-based U.S. Judge Jed Rakoff officially granted the request , and he offered a skeptical take on Rothschild’s defense against Hermès’ suit, questioning Rothchild’s continued marketing of the project. “[The] defendant’s entire scheme here was to defraud consumers into believing, by his use of variations on Hermes’ trademarks, that Hermes was endorsing his lucrative MetaBirkins NFTs,“ Rakoff said, adding that: “Nothing in the First Ame...