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. Cryptocurrencies have long been in the crosshairs of the SEC, and companies like @coinbase, @Uniswap, @RobinhoodApp, @krakenfx, and @Consensys have been fighting against the SEC's single-track approach of "regulation by enforcement." But this is a move into uncharted territory. By targeting NFTs, the SEC would stifle innovation on an even broader scale: hundreds of thousands of online artists and creatives are at risk, and many do not have the resources to defend themselves. NFTs are fundamentally creative goods: art, collectibles, video game items, domain names, event tickets, and more. We should not regulate digital art in the same way we regulate collateralized debt obligations. As we've built OpenSea, we've heard so many stories about the impact of NFTs on people’s lives, including: • Student artists finding full-time careers in selling their digital art • Indie game developers instantly enabling open markets for their in-game items, without having to build marketplaces from scratch • Passionate collectors from different corners of the world joining new communities, all centered around shared digital ownership It would be a terrible outcome if creators stopped making digital art because of regulatory saber-rattling. Take, for example, the suit filed against the SEC by the musician @songadaymann and conceptual artist @brianlfrye, which describes their fear that the sale of their art and music could be deemed unregistered securities offerings. In addition to standing our own ground, we're pledging $5M to help cover legal fees for NFT creators and devs that receive a Wells notice. Every creator, big or small, should be able to innovate without fear. I hope the SEC will come to its senses sooner rather than later, and that they'll listen with an open mind. Until then, we'll stand up and fight for our industry. Onwards 🌊⛵️

I know you’re all worried. We’re running an all hands on deck investigation, but I want to take a minute to share the facts as I see them:

In 2020, OpenSea did about $21M in total transaction volume. In the last two days, we did $95M. The growth curve for NFTs is insane.

A lot is changing at @opensea: • We're rolling out OS2 — a brand new OpenSea built from the ground up. NFTs 🤝 tokens. • $SEA is coming from @openseafdn • We're changing policies that didn’t make sense for web3: re-enabling locked items and delisted collections, and removing unnecessary bans • We’re launching with 0.5% platform fees for NFTs, plus 0% for tokens OS2 isn't just a new product, and $SEA isn't just a token. This is about a new OpenSea. The NFT bull market changed us. We got too corporate, too web2, and let fear of risk outweigh building for users. I decided we needed a complete reset. So we went heads down and started rebuilding: tech, product, and most importantly — culture. Fixing those foundations has been a lot of blood, sweat, and tears. But it’s been incredible to see the team transform. The private beta testers know OS2 feels different. Our devs in Discord fixing user issues at 3am during the holidays. A smaller, crypto-native team, merging 6x the commits with half the team size. There's that early-day energy where we're all in it together. With $SEA, the @openseafdn is taking the learnings from the space and getting it right. Not just recent activity or short-term plays. Rewarding OGs who believed in our space from the early days, and those who are with us for the long run. Accessible, integrated into OS2, and built for sustainability. What's in the open beta today is just the beginning. Our end goal is simple: build the best products in crypto. We have a long journey ahead, but we're going to keep shipping: NFTs, tokens, creator tools, AI x crypto, things we’ve just started mapping out. Because crypto needs truly great products. To all the haters: you made us better. To those who stuck with us through the ups and downs: we're building the OpenSea you always believed in. Let's fucking go 🌊

The SEC is closing its investigation into @opensea. This is a win for everyone who is creating and building in our space. Trying to classify NFTs as securities would have been a step backward—one that misinterprets the law and slows innovation. Every creator, big or small, should be able to build freely without unnecessary barriers.

OpenSea just hit $1B in trading volume for the month of August so far. And it's still day 0 for NFTs.

OpenSea crossed $2.6B in trading volume this month, with over 90% from token trading. This is just the beginning of our transformation, from “NFT marketplace” to “trade everything.” NFTs were chapter one for us. In 2021, OpenSea brought the first wave of everyday internet users onchain. Collectors, artists, gamers, musicians — people who had never opened a wallet — showed up on OpenSea and suddenly owned digital property. The sequel is the destination for the onchain economy in its entirety. Trade everything. Tokens, culture, art, ideas, the digital and the physical. And all in one place that feels like a home, not a bank. Building that product is in our DNA. You shouldn’t have to use a CEX and give up custody of your assets. But you also shouldn't need to navigate a maze of chains, bridges, wallets, and protocols in order to use onchain liquidity, wondering whether your balance is on Solana, an Ethereum L2, or somewhere else. You should just be able to trade everything in one place, seamlessly. And that brings me to $SEA, from the OpenSea Foundation. Integrating $SEA into OpenSea will be the opportunity to show the world our vision. It will shine a spotlight on everything we’re building. So we need to make damn sure that what we’ve built deserves that spotlight — not just for us, but for every holder who believes in what crypto can become. $SEA is not being created to be launched and forgotten. Today, the Foundation and OpenSea are jointly announcing a few updates: - Timing. $SEA is coming in Q1 2026. - Distribution. The Foundation has confirmed that 50% of supply will be allocated to the community, with more than half awarded via an initial claim. Both OGs and those who participated in OpenSea rewards programs will be meaningfully considered, separately. - Tokenomics. 50% of revenue at launch will be used to purchase $SEA. - Utility. $SEA will be deeply integrated with OpenSea, including the ability to stake $SEA behind your favorite tokens and collections. $SEA isn't the destination, but it's a crucial moment everyone will be watching. You only get one TGE. While the Foundation is wrapping up the final details, we’re getting OpenSea ready. Between now and Q1, we're shipping the features that bring our vision to life. Mobile is now in closed alpha, and will put the entire onchain economy in your pocket. Perps will be coming to OpenSea. True cross-chain abstraction on its way. I’ll be hopping on an X space at 4pm ET to talk about our vision. The best way to predict the future is to build it together. Sails up.

Today is a hard day for OpenSea, as we’re letting go of ~20% of our team. Here’s the note I shared with our team earlier this morning:

we've heard the feedback on the current XP system, and we're putting a pause on XP given directly for listing and bidding while we don’t think liquidity rewards are inherently bad (see more below), we understand that there are a lot of strong emotions towards point systems, and that the NFT market as a whole is in a unique spot right now. we’re building OS to support this space long term, so we’re pausing this part of the rewards program while we think through the best path forward in the meantime, we'll focus the rewards program on XP shipments -- which were designed as a flexible way to reward broad participation in OS2, such as buying and holding users that joined our beta early and gave feedback in Discord earned the first round of shipments because they helped us make the product better (thank you!) our second round of shipments is going out now to a subset of the users that bought an NFT on OS2 -- with XP multipliers if you held an NFT from a top volume project for more than 3 months (the longer the time held, the bigger the boost). check your rewards tab on OS2 to see if you got one if you didn’t get a shipment this time around, more are on their way. we’ll continue to reward buyers and holders that use OS2 regarding liquidity incentives, I want to be clear about our thinking here: we're operating a business in a competitive space, and liquidity is fundamental to any marketplace. we’re going to be thoughtful about adjustments / enhancements, but liquidity rewards in some form are important to offering a strong product in the market lastly: I appreciate the feedback. we’ll continue to work closely with those who have helpful ideas. but some of the vitriol I saw on X this weekend appeared to be primarily motivated by extraction / attempts to bring OS down. we’re listening closely as we build, but we won’t be bullied. if you want to help us build the future constructively, we’re all ears.

seeing some confusion out there goes without saying, but we haven't forgotten the OGs who helped build this space from day 0

We've been quietly cooking at @opensea To really innovate, sometimes you have to take a step back and reimagine everything So we built a new OpenSea from the ground up Sails up in December ⛵️

OpenSea is for builders and innovators, not drama and distraction. Always has been, always will be ⛵️

I've been building OpenSea since 2017. I can safely say it's my life's work, and it comes with the conviction to take big swings. With OS2, we decided to rebuild our tech, product, and operating culture from the ground up. We deliberately "slowed down to speed up". Now we get to accelerate. We're entering the most exciting period in our history as a company, as we evolve OpenSea into the best place to trade everything onchain. Today, we're announcing: Our new mobile trading experience — fast, beautiful with AI baked in natively. The final phase of our rewards program which puts firepower in a rewards vault for those who make OpenSea their permanent trading home. And the flagship collection honoring our cultural roots. Team is shipping like crazy and getting stronger every week. Sails up.

We’re conducting a thorough review of yesterday’s incident and are committed to doing the right thing for OpenSea users. We have posted an official statement here: opensea.io/blog/announcement…

Another update: over the last few hours we’ve talked to dozens of people, teams, and projects across the NFT space.

This kind of disinformation hurts web3, even sadder if coordinated. None of this is true. Back to building 🌊

OS2 beta is entering the home stretch as we roll out to the last waves of beta testers beta feedback making the product better every day grateful for all our testers, gonna be a fun next couple weeks ⛵️

As far as we can tell, this is a phishing attack. We don’t believe it’s connected to the OpenSea website. It appears 32 users thus far have signed a malicious payload from an attacker, and some of their NFTs were stolen.

how it started: how it's going:

opensea just had a $100M volume day, and 85% of it was token trading those are still small numbers relative to the broader market, but this is just the beginning for us. in crypto, there are many ways to be successful: one is to be the first. this was opensea's early playbook for NFTs. we started in 2017, created a market, and were the destination for a brand new asset class another is to be the best, and reward loyal users who want to come over. this is our playbook for token trading. and to be clear, we have a long way to go still. this includes: - shipping the full suite of delightful trading features on top of decentralized liquidity - launching a beautiful mobile experience so you can trade on the go - cooking on bringing AI to trading, which no one has done well yet there's a lot to build. some of it's sexy, and some of it is just making DEXs work the way they should. but its all towards goal of being the best place to trade everything onchain. gonna be a fun journey. for those who join us, sails up 🌊

1/9 OpenSea is making some big changes today to focus on the next version of our product.

Shill me your crypto art.

In 2021, the NFT space grew beyond all expectations. Here are some of my highlights:

The momentum at OpenSea is real. - Rally acquisition closed - MCP beta live, the beginning of our AI trading push - A full suite of DEX-native token trading features - 22 chains and counting: HyperEVM and Somnia adds - Pudgy Penguins and $PENGU choose OpenSea as their official home But so much more to come. Sails up ⛵️

volume chart giving early 2021 bull market vibes, and OS2 is still in beta who wants an invite? 🌊

OpenSea is a foundational layer for a giant paradigm shift in consumer tech. Today we're announcing our $100M Series B to accelerate our mission to grow the world's best NFT marketplace. Come join us: opensea.io/careers

👀

It’s not just JPEGs. There are PNGs too.

I’m excited to formally welcome @cdixon to the @OpenSea Board of Directors! He’s been extremely influential through our early days, and in this new position we’ll work even more closely together as we build the future of the NFT space. opensea.io/blog/announcement…

disappointed to see false rumors spreading please only trust updates from official accounts, @opensea and @openseafdn there's a lot to be excited about but we'll share when we're ready. and you'll hear it from us first

when the product is right, everything else follows. we put our blood, sweat, and tears into OS2, and it’s been awesome seeing people rally behind us. opensea isn't just an NFT marketplace anymore. we're building the best place to discover, own, and trade anything onchain. that means: - shipping relentlessly - new chains, galleries, cross-chain minting, solana token trading, all fresh off the press (and that’s just the beginning) - obsessing over user feedback - taking our time to get things right, and not rushing anything half-baked we’ve been through bull runs and bear markets at OS. through it all, we've learned one thing: what matters is building a place that feels like home. somewhere you want to spend time. somewhere that respects your ownership, your creativity, your community. a real home isn't built overnight - it's crafted with patience, resilience, and a deep understanding of what actually matters to the people who live there. that’s the path we’ve chosen, and I couldn’t be more excited. sails up 🌊

1/ Just published "The NFT Bible", a deep dive into the NFT space exploring our learnings from the last two years building @opensea opensea.io/blog/guides/non-f… Some highlights:

new era new punk

a few years ago, we were an NFT marketplace. today, we're the home for all onchain assets. when we launched OS2, we didn't just rebuild our platform. we reimagined what it means to exchange everything onchain. NFTs, tokens, everything in one place. so @pudgypenguins choosing OpenSea as the official home for both their NFTs and $PENGU isn't about nostalgia. it's about recognizing where onchain trading is headed, and validation of our path forward. welcome home penguins 🐧

The attack doesn’t appear to be active at this point — we haven’t seen any malicious activity from the attacker’s account in 2 hours. Some of the NFTs have been returned.

Welcome to the fam

This is all completely false.

Theft is an issue across the web3 ecosystem...but we think there's more that individual platforms (including @opensea) can do to help prevent it. Today, we announced 2 new tools aimed at doing just that: decrypt.co/113332/opensea-no…

The calm before the storm… 🌊

gm gemesis 🌊

vibes secured

We're committed to advocating for clear, sensible regulations for NFTs and crypto, and proud to represent the community. Read our letter to the SEC on our suggested approach: sec.gov/files/ctf-input-faur…

gm to all our new beta testers 🌊 drop your address below if you'd like to test, we love the feedback

If you are concerned and want to protect yourself, you can un-approve access to your NFT collection etherscan.io/tokenapprovalch…

If you are an affected user, please DM @opensea_support so that we can thoroughly investigate — we’d love your help.

Welcome to 2021, the year of the NFT.

If you thought 2021 was the "year of the NFT", 2022 is going to blow your mind. We're so excited to keep building for this ecosystem.

Always double check that you are interacting with opensea.io in your browser when you sign messages.

The door is open.

catching up with @notthreadguy at 3:15pm pst to break down what we've been building with OS2 + some stuff we haven't shared yet. tune in!

We are not aware of any recent phishing emails that have been sent to users, but at this time we do not know which website was tricking users into maliciously signing messages.

Excited to announce our $23M Series A to scale the largest marketplace for NFTs. If you're excited about building a brand new economy from the ground up, come join us: opensea.io/jobs

Fun to see our early beta users excited about the future of OpenSea. We want OS2 to be the home of NFTs for everyone — whether you're a collector or pro-trader or something in between. That's why we've built a beautiful collector view that showcases profiles, collections, and art. But that's just a sneak peek, there's a lot more on the way -- what do you want to see in OS2?

We have a strong responsibility to our community, and we take any breach of trust incredibly seriously. We've taken additional steps to address this and are investing in policies that move the space towards greater transparency and openness. Update: opensea.io/blog/announcement…

For more technical context, this thread (nitter.app/Nesotual/status/149522…) is consistent with our current internal understanding.

🌊

picked one up @RonkeOnRon

*touches sea*

I know how impactful outages are to the creators and communities who rely on OpenSea, and this morning’s extended outage was unacceptable. Here’s what happened, and what we’re doing to improve – fast: opensea.io/blog/announcement…

Importantly, rumors that this was a $200 million hack are false. The attacker has $1.7 million of ETH in his wallet from selling some of the stolen NFTs.

At @opensea, we feel a huge responsibility to ensure our users are safe, while providing expansive access to the NFT ecosystem. I want to share my views on our many efforts to protect against plagiarism, IP infringement, and fraud. 👇 opensea.io/blog/announcement…

Just purchased an @NBATopShot moment with @base ETH on OS2 for a few bucks Cross-chain UX at its finest 🤌

Adam is a straight shooter with deep web3 instincts. His feedback has made OS better, and now he's building with us. Welcome to the crew 🌊

tokens meet NFTs meet hyperliquid meet OpenSea

OpenSea adding @Ronin_Network is a big deal

built with love 💙

we've always envisioned NFTs representing a full spectrum of economic activity: from $0.04 game items to multi-million dollar art fun to see the micro-transaction side thriving on @Ronin_Network

the resemblance is uncanny. thanks for the honorary @goodvibesclub

Recent market conditions have affected almost every sector, and web3 is no exception. I wanted to share my thoughts on the opportunity ahead, and the way we think about these short-term fluctuations. opensea.io/blog/announcement…

welcome apes

we'll have an update shortly

based

been very impressed with the passion from the Ronin community you can really feel it

joined the cult affinity: Ocean name: Hydromancer Caligari of the Sea

welcome aboard 🌊

The OpenSea ship is now in @niftyisland in two styles! If you are a member of a @niftyisland integrated community, you can now place them on your island. Build, battle, and enjoy! 🫡

I'm coming for you @mert

I’m happy to finally share that we’ve acquired @Dharma_HQ to help us scale our engineering, product and customer support! opensea.io/blog/announcement…

Another big day for web3. NFTs going mainstream, across projects, across chains, across industries. Buckle up.

Remember: the design space for NFTs is incredibly wide and largely unexplored. We've seen experiments with NFT software licenses, event tickets, advertisements, courses, subscriptions, physical land. There are huge opportunities to take these ideas to the next level.

massive W for builders

We’re grateful to the hundreds of creators who engaged with our team and helped us understand your perspective and position. This is a proud day for us at @opensea – and we hope this decision helps push the space in the right direction.

kudos to the team for shipping @Uniswap v4 hooks support on @opensea to make this possible

Heyo thanks for the feedback. Couple things: • Just a quick clarification that you can already earn XP for listing. •Bidding and listing is just one component of the rewards program. If you go to the "rewards" section on OS2, you can see there is a whole piece of it designed to reward other types of participation in the space. • Discussing as a team if there are some adjustments we want to make taking in mind your feedback.

Sharing some news that I am incredibly excited about. Today, @BKRoberts joins @OpenSea as our first CFO! I wrote more about it here: opensea.io/blog/announcement…

there are a lot of boring things in crypto that should be easy, but aren't it blows my mind that "having everything in one place" is still one of those things we still have a lot to build to make that experience complete (full portfolio aggregation, for example) -- but getting all your wallets linked together is a step in that direction at long last, a single home for everything 🌊

While the attacker stopped >4 hours ago, our investigation is ongoing. We’ll keep you updated as we learn more about the exact nature of the phishing attack. If you have specific information that could be useful, please DM @opensea_support.

The number of unsolved problems in the NFT space is incredible.

Redeemable NFTs are so much fun. Just got my @GutterCatGang MB.03s and can't wait to wear them!

"OS2 is really becoming an all in one package web3 dApp. They really don't play around this time when they said they are changing and heading to a new and better direction, it just shows with all the updates and deliveries they did on their platform so far." thank you 🙏 and we're just getting started.

Hangin out on a pirate ship in @decentraland with the @opensea team!

just getting started 🌊

off to the races welcome @chrismaddern, @christine_hall, and the rest of the @rally_xyz team to OpenSea

ship, ship, ship 🚢

floodgates: open 🌊

Thanks @TIME for the recognition among the 100 Most Influential Companies of 2022! NFTs will be the vehicles that bring more people into web3, and we can't wait to keep building for the future of creative collaboration and true digital ownership.

congrats @azuki on charting your own course ⛵️

welcome swappers 🌊

these are pretty cute

Building the most beautiful trading experience One tooltip at a time