The Moskowitz Law Firm has filed a class-action lawsuit against OpenSea, alleging that the NFT marketplace sold unregistered securities to customers. The lawsuit, filed in a Florida federal court, claims that Florida residents suffered damages from purchasing NFTs on the platform during the NFT market boom in 2021 and 2022. The law firm, known for litigating against various crypto firms, including FTX and celebrities like Shaquille O’Neal and Cristiano Ronaldo, accuses OpenSea of misleading investors and unjustly profiting from NFT transactions. The lawsuit argues that NFTs should be considered securities under the definition of investment contracts. This legal battle comes after OpenSea received a Wells notice from the SEC, indicating a potential enforcement action. OpenSea CEO Devin Finzer criticized the SEC's approach to regulating NFTs, stating that digital art should not be treated the same as traditional securities. The lawsuit highlights the ongoing legal challenges in the crypto industry, with conflicting views on the classification of NFTs as securities. Read more AI-generated news on: https://app.chaingpt.org/news