NFTs use a unique identifier that is recorded on a blockchain and used to certify ownership and authenticity over items ranging from digital paintings to digital baseball cards.
The U.S. Securities and Exchange Commission (SEC) has announced that it is dropping its investigation into non-fungible token (NFT) marketplace OpenSea.
The SEC filed a legal action against OpenSea in August 2024, alleging the platform may have been operating as an unregistered securities marketplace.
The SEC’s move to now drop the case comes as the regulator also end its case against crypto exchange Coinbase Global (COIN), which is seen as a boon for the entire crypto industry.
News that the SEC is also dropping its case against OpenSea quickly led to a rise in activity for the native token of NFT marketplace LooksRare.
The token, called “LOOKS,” saw a surge in active addresses shortly after the announcement that the SEC has ended its case against OpenSea.
NFTs boomed during the Covid-19 pandemic, with some items selling for millions of dollars among collectors. However, enthusiasm for NFTs has cooled in recent years.
OpenSea is privately held and its stock does not trade on a public exchange.
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