In this week’s newsletter, read about users claiming that non-fungible tokens (NFTs) on OpenSea are securities in a proposed lawsuit, and find out how Infinex managed to get $40 million in sales for its NFT collection during the bear market. In other news, check out how global footwear distributor Puma partnered with a Web3 game and how the Filipino government educates its youth on blockchain and NFTs.
OpenSea users claim NFTs are securities in proposed class suit
Two OpenSea users have filed a class-action lawsuit against the NFT marketplace. In the lawsuit, submitted on Sept. 19, Anthony Shnayderman and Itai Bronshtein allege that the NFTs they purchased on OpenSea are now worthless because they are illegal.
Highlighted excerpt of the lawsuit’s arguments. Source: Pacer
In response, OpenSea refuted the allegations and described the lawsuit as “baseless.” An OpenSea spokesperson told Cointelegraph that coming up with a lawsuit based on their disclosure of a Wells notice “won’t make the allegations in the complaint true.”
A Wells notice from the SEC serves as a warning, outlining the regulator’s concerns and giving the potentially accused company an opportunity to respond. It signals that the agency may pursue enforcement action in the future.
Infinex NFTs top $40 million sales in first four days, despite NFT bear market
Decentralized applications platform Infinex’s latest NFT collection reached $40 million in sales in its first four days. Infinex Core working group lead Kain Warwick said the collection is expected to attract more interest as it expands to the wider community.
Infinex total value locked. Source: Infinex
Due to its ongoing launch season, Infinex reached a total value locked (TVL) of over $150 million on July 25. In just the first 10 days of the campaign, the platform’s TVL grew by $100 million.
Puma partners with Web3 mobile game
Footwear company Puma partnered with the Web3 mobile game UNKJD Soccer. UNKJD CEO Tal Friedman said the partnership aims to unlock more player experiences. Friedman told Cointelegraph:
“When established brands like Puma embrace Web3, it signals a shift in the perception of blockchain technology — from niche to mainstream.”
With the partnerships, Puma-based characters and branded skins will be introduced in the game.
Philippines agency empowers youth with blockchain and NFT education
The Philippines’ Advanced Science and Technology Institute, an agency working under the nation’s Department of Science and Technology, conducted a tech forum on Sept. 20, educating the youth on blockchain technology’s potential.
Blockchain for Youth Innovators event in the Philippines. Source: Archers Network
The agency explained that technologies like artificial intelligence, cybersecurity and blockchain are reshaping the public and private sectors.
Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.