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The U.S. Securities and Exchange Commission (SEC) has decided to drop its investigation into OpenSea, the largest NFT marketplace, opting not to take legal action. This decision is seen as a positive sign for the NFT industry. OpenSea founder Devin Finzer celebrated the report’s conclusion, calling it a win for creators and the Web3 community.

OpenSea is in the spotlight after registering the OpenSea Foundation in the Cayman Islands on August 20, 2024. This move has fueled discussion in the NFT and crypto communities, as many think the platform may be preparing for a token launch or airdrop. This development comes as faces stiff competition from rivals like Blur and MagicEden, which already have their own tokens.