The US Securities and Exchange Commission (SEC) has concluded its investigation into Opensea, a major NFT market. The survey, which began in August 2024, was part of the SEC’s broader effort to regulate digital platforms that could be considered unregistered securities markets. Opensea initially issued a Wells Notice to inform potential enforcement actions. However, on February 21, 2025, CEO Devin Finzer announced that the SEC would not pursue accusations against the platform. This decision shows victory for Opensea and the broader NFT community, as it avoids classifying NFTs as securities.
Opensea’s investigation is part of the SEC’s wide crackdown on digital platforms, including a lawsuit against Coinbase. The case was rejected, accused Coinbase of acting as an unregistered securities broker. The SEC’s decision came after President Donald Trump took office, which led to a change in regulatory policies regarding digital assets. These changes suggest a more encryption-friendly stance from the SEC in the future.
The decision to close Opensea’s investigation was met positively by many people in the NFT industry. Chris Akhavan of Magic Eden called the NFT space victory, and the popular Crypto figure beanie suggested this could lead to market growth. Many believe that SEC’s non-action will help clarify regulatory uncertainties and encourage more innovation.
Despite the investigation, Opensea continues to expand its services. The platform recently announced the release of a project token called Sea, although details of the token release have not been revealed yet. Opensea is also facing criticism of the Airdrop Rewards system, accusing some users of encouraging washing transactions and focusing on fee incurring rather than benefiting the community .
NFT sales have recovered modestly in 2024. According to Cryptoslam data, total annual revenue reached $8.83 billion, a slight increase from $8.7 billion in 2023. Ethereum and Bitcoin each led the market with $3.1 billion in sales, while Solana continued to have $1.4 billion. However, these figures are well below the peaks in 2021 and 2022 when sales reached $15.7 billion and $23.7 billion respectively. The market showed signs of a recovery in the final quarter of 2024, with monthly sales rising in October, November and December.
Opensy, which once dominated the Ethereum-based NFT marketplace, has seen its market share decline over the years as competition increases. However, the conclusions of the SEC research and future launches of Seatoken could help the platform regain its previous position in the NFT space.