On August 28th, the Securities and Exchange Commission issued a Wells Notice to OpenSea, notifying the largest NFT marketplace that it is under investigation for operating as an unlicensed exchange, labeling the NFTs traded on the platform as securities. Founder & CEO of OpenSea, Devin Finzer, posted that “[t]his is a move into uncharted territory. By targeting NFTs, the SEC would stifle innovation on an even broader scale: hundreds of thousands of online artists and creatives are at risk, and many do not have the resources to defend themselves. NFTs are fundamentally creative goods: art, collectibles, video game items, domain names, event tickets, and more.” 

In this very first Naavik Gaming emergency podcast, your host, Niko Vuori, sits down with Naavik web3 analyst Devin Becker and web3 operator Steven Wade to digest the news and discuss what this might mean for web3 gaming. 

Here's Devin Finzer’s post announcing the Wells Notice. You can find Niko, Devin and Steven on LinkedIn.

We’d also like to thank Overwolf for making this episode possible! Whether you're a gamer, creator, or game studio, Overwolf is the ultimate destination for integrating UGC in games! You can check out all Overwolf has to offer at https://www.overwolf.com/.

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