Source: Cointelegraph Original: "{title}"
In this week's newsletter, you will learn that the U.S. Securities and Exchange Commission (SEC) has dropped its investigation into the non-fungible token (NFT) marketplace OpenSea, that the NFT game Illuvium has laid off staff to accelerate development, and other news, including why Gunzilla Games' Web3 director believes the blockchain gaming market is a "musical chairs game."
OpenSea co-founder and CEO Devin Finzer stated that the SEC has concluded its investigation into the NFT marketplace. The executive said this is a victory for everyone involved in creating and building the space. Finzer remarked that classifying NFTs as securities "misinterprets the law and slows down innovation."
In August 2024, the SEC issued a Wells notice to OpenSea, initiating an investigation. The regulatory agency claimed that the NFT trading platform was operating as an unregistered securities market.
Magic Eden's Chief Business Officer Chris Akhavan stated that while OpenSea is their competitor, he views this development as a win for the industry. The executive said that although they are competitors, they all firmly believe in NFTs and the benefits they can bring.
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The NFT creature-collecting game Illuvium has laid off about 40% of its staff in the past two weeks to speed up game development. Illuvium co-founder and CEO Kieran Warwick told Cointelegraph that the company has been laying off employees over the past two years after reaching a peak of 200 staff members.
The latest round of layoffs reduced the workforce from 110 to 65 employees. Warwick stated that none of the laid-off employees were developers; instead, they worked in marketing, operations, security, and quality assurance.
The executive mentioned that while this is a "painful moment," the company's goal is to improve efficiency. He added that in the first year, they worked 12 to 15 hours a day with only 50 to 60 people, "getting as much done as possible."
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Gunzilla Games Web3 director Theodore Agranat stated that blockchain gaming has become a "musical chairs game." The executive told Cointelegraph at the Consensus 2025 conference in Hong Kong that there is no "new money" entering the system.
Agranat explained that existing funds in the field are being cycled between projects, with no new value entering the ecosystem. The executive also mentioned that there is no loyalty in blockchain gaming. He said players move from one project to another, extracting any value they can, and then turn to another project.
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Thank you for reading this week's summary of the most noteworthy developments in the NFT space. Next Wednesday, we will bring you more reports and insights on this positively evolving field.
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