The U.S. Securities and Exchange Commission (SEC) has officially closed its investigation into OpenSea, one of the leading NFT marketplaces. OpenSea founder Devin Finzer called it a major victory for the NFT community.

In a post on the X platform on February 21, Finzer shared:

"The SEC is closing its investigation into OpenSea. This is a victory for everyone who creates and builds in our space."

Impact on the NFT Industry

The decision comes shortly after the SEC dropped its lawsuit against Coinbase, a cryptocurrency exchange accused of operating as an unregistered securities brokerage.

The SEC's investigation into OpenSea began in August 2024 when the agency issued a Wells notice, alleging that the NFT platform operated as an unregistered securities marketplace. Finzer stressed that if NFTs were classified as securities, it could have a negative impact on innovation in the digital art and collectibles space.

The SEC's decision to end its investigation has been met with widespread support in the industry. Chris Akhavan, chief business officer at rival Magic Eden, agreed:

"While we are competitors, we share a common belief in the potential of NFTs. This is a huge step forward for the entire industry."

Crypto commentator Beanie also said that the decision would give new momentum to the NFT market, while asserting that OpenSea has made a significant contribution to shaping NFT-related regulations.

OpenSea Prepares to Launch SEA Token

The news comes just days after OpenSea announced plans to launch its SEA token on February 13. However, details on the specific launch date have not been released.

Despite the major legal step, OpenSea is still facing criticism from the community due to the suspension of its reward airdrop system. Some users believe that this system encourages money laundering and puts fee profits above the interests of the community.

NFT Market Recovers With $8.83 Billion in Sales

After a period of decline, the NFT market recorded signs of recovery in 2024 with total sales reaching $8.83 billion, a slight increase of 1.1% compared to 2023.

Ethereum and Bitcoin lead the market with sales of $3.1 billion per coin, while Solana is third with $1.4 billion. Ethereum continues to dominate with all-time sales reaching $44.9 billion, far ahead of Solana ($6.1 billion) and Bitcoin ($4.9 billion).

Despite signs of recovery, sales in 2024 are still significantly lower than the market peaks in 2021 ($15.7 billion) and 2022 ($23.7 billion). However, positive signs have emerged since the last quarter of 2024, with October sales up 18% to $353 million, November hitting a six-month high of $562 million, and December ending the year with an impressive $877 million.

The SEC’s closure of its OpenSea investigation is expected to further fuel the resurgence of the NFT market in the coming period.