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NFT marketplace OpenSea has been issued a Wells notice by the Securities and Exchange Commission (SEC) which is threatening to sue the firm on the grounds that non-fungible tokens (NFTs) on the platform are securities.  OpenSea CEO Devin Finzer announced the notice on X (formerly Twitter) on Wednesday. OpenSea has responded to the notice with an official statement in which it argues that NFTs are used for purchasing game items, supporting artists, and “boasting allegiance” to a sports team. “Classifying NFTs as securities would not only misinterpret the law, but it would also jeopardize artists’ livelihoods, disempower collectors and gamers, and stifle innovation across the many promising use cases for NFTs,” it read. OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities. We're shocked the SEC would make such a sweeping move against creators and artists. But we're ready to stand up and fight. Crypt...

The luxury auction house has developed a fully on-chain sales system where users can purchase curated NFTs on the Ethereum and Polygon networks. Luxury auction house Sotheby’s has announced the addition of a new on-chain marketplace that allows digital art collectors to purchase secondary NFTs. While many pre-existing NFT marketplaces already host peer-to-peer sales of digital artworks — the auction house is attempting to separate itself by offering a “rotating, curated selection of leading artists hand-picked by Sotheby’s specialists.” The next evolution of #SothebysMetaverse is here! The most trusted and dynamic destination to collect, buy and sell remarkable digital works. Explore: https://t.co/hZvYIkO3xx pic.twitter.com/dCkaCKlXVm — Sotheby's Metaverse (@Sothebysverse) May 1, 2023 All NFT sales on the Sotheby's Metaverse platform occur by way of sm Art contracts that allow digital Art collectors to pay for their Art and collectibles in a choice of Ether (ETH) or Polygon...

The Avalanche Foundation has launched a new mentoring initiative for digital artists, and Ticketmaster has introduced a new feature allowing artists to reward NFT holders. In a March 30 blog post, The Avalanche Foundation announced the launch of Avaissance, an initiative designed to support digital artists and boost the growth of the Avalanche nonfungible token (NFT) ecosystem. Avaissance has two main components, an Artist in Resident program (AIR) for over 50 artists and the Mona Lisa Initiative (MLI) to curate digital art and expand the collections of art-focused decentralized autonomous organizations (DAOs). Avaissance begins! The Avalanche Foundation is launching the Avaissance initiative to grow the #AVAX NFT ecosystem and support its budding artists. The program aims to usher in a rebirth of creative activity on Avalanche. So, what’s the plan?️ pic.twitter.com/mNhDoQqDhD — Art on Avalanche (@ArtOnAvax) March 29, 2023 AIR will provide artists “of any skill level” with ...