OpenSea to Provide $5 Million in Legal Support for NFT Creators Facing SEC Wells Notice

According to Odaily, OpenSea, the leading NFT marketplace, announced on the X platform that it has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC). The company expressed shock and concern over the SEC's actions, which it believes pose a threat to creators and artists in the NFT space.In response, OpenSea has pledged to fight for the industry and has committed $5 million to help cover legal fees for NFT artists and developers who may also receive a Wells Notice. This move underscores OpenSea’s dedication to supporting its community and protecting the rights of creators in the evolving digital art landscape