The non-fungible token boom-and-bust is likely to go down in history as one of the all-time manias to go along with tulip bulbs and the dot-com bubble. It's probably the single-most stark example of the post-pandemic excess and the base for it all was OpenSea, which was the main NFT marketplace.
Today, the SEC gave OpenSea a Wells notice that it will likely sue for securities law violations.
"By targeting NFTs, the SEC is diving into new, uncharted waters, with potentially harmful consequences for consumers, creators, and entrepreneurs alike," OpenSea CEO Devin Finzer wrote in a blog post about the warning.
It does seem a bit rich to target this market place but the whole thing is a mess and there was obviously some money laundering going on.