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Blur, Tensor Tokens Dip After NFT Marketplace OpenSea Receives SEC Wells Notice

The U.S. regulator alleged that NFTs sold on OpenSea are securities, the OpenSea CEO said earlier Wednesday.

By Krisztian Sandor|Edited by Stephen Alpher

Updated Aug 28, 2024, 3:12 p.m. Published Aug 28, 2024, 3:10 p.m.

Cryptocurrencies of non-fungible token (NFT) marketplaces dipped during Wednesday U.S. morning hours following news of OpenSea facing potential U.S. regulatory action.

Adding to earlier losses alongside a broad crypto decline begun Tuesday evening U.S. hours, BLUR$0.03844 fell another 5% in the minutes following the news before a modest bounce. It's now down 10% over the past 24 hours. TNSR$0.1130, a Solana-based NFT marketplace aggregator, also traded 3% lower. The token's price was down nearly 9% over the past 24 hours. The broader CoinDesk 20 Index was lower by 4% over the same time frame.

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The morning price action happened as OpenSea's CEO said the platform received a Wells notice from the U.S. Securities and Exchange Commission alleging that the digital arts sold on the marketplace are securities.

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…
— Devin Finzer (dfinzer.eth) (@dfinzer) August 28, 2024