SEC drops OpenSea investigation, Illuvium Labs cuts 40% of workforce: Nifty Newsletter
In this week’s e-newsletter, learn in regards to the United States Securities and Exchange Commission (SEC) dropping its investigation into the non-fungible token (NFT) market OpenSea, NFT recreation Illuvium slicing its workforce to hurry up its growth, and in different information, discover out why Gunzilla Games’ Web3 director thinks the blockchain gaming market is a “game of musical chairs.”
SEC drops investigation into NFT market OpenSea
OpenSea co-founder and CEO Devin Finzer mentioned the SEC has closed its investigation into the NFT market. The govt mentioned this was a win for everybody creating and constructing the area. Finzer mentioned classifying NFTs as securities “misinterprets the law 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 mentioned that whereas OpenSea is their competitor, he views the event as a win for the business. The govt mentioned that whereas they’re rivals, they each deeply imagine in NFTs and what they allow.
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Illuvium CEO says agency has gone ‘super lean’ to hurry up growth
NFT creature collector recreation Illuvium reduce about 40% of its workforce within the final two weeks as the corporate makes an attempt to hurry up its recreation growth timeline. Illuvium co-founder and CEO Kieran Warwick informed Cointelegraph that the corporate had been downsizing within the final two years after peaking at 200 staff.
The newest layoff decreased the employees rely from 110 to 65. Warwick mentioned none of the staff who have been let go have been builders, however labored in different capacities like advertising and marketing, operations, safety and high quality assurance.
The govt mentioned that whereas it’s a “somber moment,” the corporate goals to be extra environment friendly. He added that they labored 12 to fifteen hours day by day of their first 12 months after they solely had 50 to 60 individuals “smashing out as much work as possible.”
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Blockchain gaming market is a ‘game of musical chairs’ — Gunzilla exec
Gunzilla Games Web3 director Theodore Agranat mentioned blockchain gaming has change into a “game of musical chairs.” The govt informed Cointelegraph at Consensus 2025 in Hong Kong that no “new money” is coming into the system.
Agranat mentioned the area’s present capital is being recycled between initiatives, and no new worth enters the ecosystem. The govt additionally mentioned that there’s no loyalty in blockchain gaming. He mentioned 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 experiences and insights into this actively evolving area.
