The SEC has concluded its investigation into OpenSea without taking any legal action, citing that NFTs are not considered securities.

OpenSea, the prominent NFT marketplace, has been informed that no enforcement measures will be pursued. This decision by the SEC represents a significant win for the NFT and web3 community, according to Devin Finzer, co-founder, and CEO of OpenSea.

Finzer emphasized that attempting to label NFTs as securities would have hindered progress in the industry, and stressed the importance of unrestricted innovation for creators of all sizes.

The resolution comes after OpenSea received a Wells notice last August, signaling potential legal action from the SEC regarding the trading of NFTs on its platform.

With this outcome, OpenSea's $5 million fund set aside to support NFT artists and developers facing similar challenges may no longer be needed.

The SEC's decision brings relief to OpenSea as the platform gears up to launch its token in 2025, especially amid intense competition in the crypto market. This development is part of the SEC's broader trend of reducing enforcement actions in the crypto space.

Notably, the SEC also recently announced the dismissal of its lawsuit against Coinbase, indicating a shift in regulatory approach towards crypto companies. However, the ongoing legal battle with Ripple remains a significant enforcement action for the SEC.