A pair of OpenSea users claim the NFTs they bought on the platform “are worthless” because they the tokens are unregistered securities.
Two OpenSea users have proposed a class-action suit in the United States against non-fungible token (NFT) marketplace OpenSea, claiming it sells unregistered securities contracts.
Anthony Shnayderman and Itai Bronshtein claimed in a Sept. 19 suit filed in a Florida federal court that NFTs they purchased on OpenSea — including from the once high-priced Bored Ape Yacht Club collection — are worthless “due to their illegal nature.”
In their arguments, the pair pointed to OpenSea’s disclosure of a Wells notice from the Securities and Exchange Commission last month which they claimed “suggests that OpenSea is in the hot seat and may be found liable for facilitating the exchange of unregistered securities.”
