Two users of #opensea , the largest marketplace for non-fungible tokens, accused the site of trading in unregistered securities. But have now withdrawn the lawsuit.

Plaintiffs Anthony Shnayderman and Itai Bronshtein have voluntarily withdrawn their complaint filed against Ozone Networks, which operates the OpenSea trading platform. The marketplace's customers made the decision after Judge Cecilia Altonaga allowed OpenSea to submit the case to arbitration. This is an alternative dispute resolution process that takes place privately: faster and at the lowest cost than regular litigation.

This implies that a class action lawsuit would not be able to set a precedent that could widely affect the NFT market.

OpenSea said the plaintiffs' clients have agreed to its terms that all claims can be resolved in arbitration. Plaintiffs' attorney Adam Moskowitz explained that the plaintiffs “had no choice but to dismiss the litigation.”

The users sued OpenSea in September, claiming that the NFTs they bought on the platform turned out to be unregistered investment contracts, so they were worthless in the United States due to their “illegal nature.” The plaintiffs mentioned that in August, the U.S. Securities and Exchange Commission (SEC) threatened the platform that it could sue it for digital art trading.

Given that OpenSea could find itself in a tight spot, Schneiderman and Bronstein took advantage of the situation and complained about the platform as well. In the lawsuit, they cited the SEC's successful actions against #NFT​ projects Stoner Cats 2 and Impact Theory, where non-interchangeable tokens were deemed unregistered securities.

Last November, OpenSea was forced to lay off half of its employees, and in January, the platform's co-founder Devin Finzer announced his readiness to sell the company due to declining trading volumes.
#Devcon2024

Prominent NFT trading platform #opensea is looking to reinvent itself as trading volumes of non-replaceable tokens have dropped to their lowest level in more than three years.

On Monday, OpenSea CEO Devin Finzer posted a post to X talking about the new platform. “We've been slowly working on OpenSea,” he said. - To truly innovate, sometimes you have to take a step back and rethink everything. That's why we built the new OpenSea from the ground up.”

OpenSea also announced the new platform on its X account, saying it will launch in December. The marketplace also has a link to sign up for the waitlist. The announcement of the new platform follows almost exactly a year after OpenSea laid off half of its staff before Finzer said the company had begun work on “OpenSea 2.0.”

After being the dominant marketplace for NFTs for years, including during bull markets when tokens from popular collections like Bored Apes Yacht Club sometimes sold for millions of dollars, OpenSea was supplanted by newcomer Blur at the end of 2022. As the two sites fought for market dominance, overall trading volumes declined. OpenSea has recently managed to regain some of its market share, but according to The Block Data Dashboard, total trading volumes are at their lowest level in more than three years.

One trend that Blur's success over OpenSea seems to have demonstrated is that #NFT​ traders are increasingly interested in using platforms that offer more than just basic buying and selling functionality. Blur's success also suggests that traders want more sophisticated trading tools, while the platform attracts new users with rewards in the form of tokens.

OpenSea's redesign comes at a time when there appears to be little hope for NFT's growth. In January of this year, monthly NFT trading volume based on Ethereum's non-interchangeable tokens reached $868 million, before dropping to $300 million in June and $136 million last month, according to The Block Data Dashboard.
#SOLFutureRise

The NFT world is at an interesting crossroads. The market’s meteoric rise from a niche curiosity to a mainstream buzzword in cryptocurrency has been nothing short of extraordinary. But as more creators flood the market with new NFTs, we’re starting to see a curious trend: record-breaking listings but a noticeable slowdown in sales.
NFT Market Trends: What’s Happening?
Platforms like Rarible, OpenSea, and other NFT marketplaces have been packed with activity. Many are exploring options like lazy minting, especially in Rarible’s Ethereum ERC-721 and ERC-1155 formats, which allow creators to list NFTs with zero upfront gas fees. This makes it incredibly easy to list an NFT—so easy that the marketplaces are becoming saturated with content.
The idea was to democratize NFT creation, allowing anyone with a digital asset to participate. However, as more NFTs flood the space, buyers are overwhelmed with options while creators struggle to stand out. The result? An increase in unsold listings across all platforms, hinting at a supply-demand imbalance.
What’s Behind the Downturn?
There are a few key factors driving the downturn in NFT sales:
Market Saturation 🌊: With more people discovering NFTs, competition is fierce. Without something unique or exclusive, an NFT may simply get lost in a sea of similar listings.Economic Realities 💸: As the cryptocurrency market experiences its own fluctuations, potential buyers are cautious about investing in assets that may lose value. This is particularly true with Ethereum gas fees, which can be unpredictable and high, discouraging casual purchases.Changing Trends 📉: Digital collectibles are evolving. While some early NFTs were wildly successful, today’s market is more skeptical. Buyers are becoming more selective, favoring utility and long-term value over novelty.
The Future of NFTs: Evolving or Fading?
Despite these challenges, NFTs aren’t going away. In fact, the future of NFTs may hinge on the evolution of their utility. Here’s what we can expect:
Integration with Real-World Assets 🌐: NFTs tied to physical or real-world assets, like real estate deeds or event tickets, could drive future demand as people look for practical, verifiable digital solutions.Increased Focus on Utility 🛠️: Beyond art, NFTs with built-in perks (like memberships, discounts, or early access) will likely rise in popularity. Buyers are looking for more than just digital art—they want value they can actually use.New Standards and Marketplaces 🏢: Expect newer platforms to innovate in how they showcase and market NFTs, potentially offering more curated experiences that help high-quality work stand out. OpenSea and Rarible may even adapt to support these changes with more buyer-focused features.
Final Thoughts: A “Dot-Com Moment” for NFTs?
As NFTs evolve, this period could resemble the early days of the dot-com boom, where only the most innovative ideas survived the initial hype. NFTs aren’t disappearing anytime soon, but they’re definitely facing a reality check. While the future may look uncertain, the digital assets that bring real value, utility, or community will find their place. For those in the NFT market today, now’s the time to look forward, get creative, and offer something that stands out in a sea of digital collectibles.
🔹 Tell us what you think!
Do you believe NFTs are here to stay, or is it just a momentary trend? 💬 Drop your thoughts, predictions, or even your concerns in the comments below. Let's get the conversation going! 👇
#NFT​ #opensea #Rarible

🚀 Jack Dorsey, the co-founder of Twitter, has made a remarkable $21 million donation to OpenSats, a non-profit organization dedicated to advancing Bitcoin and open-source projects. This significant contribution is aimed at supporting the development of free and open-source software within the Bitcoin community.

💰 This latest donation follows a previous generous contribution of $10 million from Dorsey's charity program last year. The funds have been instrumental in advancing various projects such as Bitcoin, the decentralized social protocol Nostr, and related technologies.
📣 Disclaimer: This news summary is for informational purposes only and does not constitute financial advice. Always do your own research before investing in cryptocurrencies or making financial decisions.#altcoins #opensea #MicroStrategy #BlackRock #BTC $BTC $ETH $BNB