On this week’s publication, examine the USA Securities and Alternate Fee (SEC) dropping its investigation into the non-fungible token (NFT) market OpenSea, NFT recreation Illuvium chopping its workforce to hurry up its improvement, and in different information, discover out why Gunzilla Video games’ Web3 director thinks the blockchain gaming market is a “recreation of musical chairs.”
SEC drops investigation into NFT market OpenSea
OpenSea co-founder and CEO Devin Finzer stated the SEC has closed its investigation into the NFT market. The chief stated this was a win for everybody creating and constructing the area. Finzer stated classifying NFTs as securities “misinterprets the legislation and slows innovation.”
In August 2024, the SEC issued a Wells discover to OpenSea, opening its investigation. The regulator alleged that the NFT buying and selling platform operated as a market for unregistered securities.
Magic Eden chief enterprise officer Chris Akhavan stated that whereas OpenSea is their competitor, he views the event as a win for the business. The chief stated that whereas they’re opponents, they each deeply imagine in NFTs and what they allow.
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Illuvium CEO says agency has gone ‘tremendous lean’ to hurry up improvement
NFT creature collector recreation Illuvium lower about 40% of its workforce within the final two weeks as the corporate makes an attempt to hurry up its recreation improvement timeline. Illuvium co-founder and CEO Kieran Warwick advised Cointelegraph that the corporate had been downsizing within the final two years after peaking at 200 staff.
The newest layoff decreased the employees depend from 110 to 65. Warwick stated not one of the staff who have been let go have been builders, however labored in different capacities like advertising, operations, safety and high quality assurance.
The chief stated that whereas it’s a “somber second,” the corporate goals to be extra environment friendly. He added that they labored 12 to fifteen hours each day of their first yr once they solely had 50 to 60 folks “smashing out as a lot work as potential.”
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Blockchain gaming market is a ‘recreation of musical chairs’ — Gunzilla exec
Gunzilla Video games Web3 director Theodore Agranat stated blockchain gaming has turn out to be a “recreation of musical chairs.” The chief advised Cointelegraph at Consensus 2025 in Hong Kong that no “new cash” is coming into the system.
Agranat stated the area’s present capital is being recycled between initiatives, and no new worth enters the ecosystem. The chief additionally stated that there’s no loyalty in blockchain gaming. He stated gamers will go from mission to mission and extract no matter worth they will. After that, they transfer on to a different mission.
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Thanks for studying this digest of the week’s most notable developments within the NFT area. Come once more subsequent Wednesday for extra stories and insights into this actively evolving area.
