Pudgy Penguins CEO: Not Concerned About Recent SEC Actions Against NFT Industry

Pudgy Penguins CEO Luca Schnetzler has said he is not concerned about the recent actions taken by the US Securities and Exchange Commission (SEC) against the NFT industry. On August 28, NFT marketplace OpenSea revealed that it had received a Wells Notice from the SEC. The company claimed that the SEC claimed that NFTs on trading platforms may qualify as securities. Then, on September 17, the SEC imposed a $750,000 fine on the Flyfish Club restaurant for offering NFTs. Schnetzler adds that if the SEC takes action against OpenSea, they will have to contend with many of the larger organizations that have already been involved in the NFT space.Schnetzler argues that OpenSea isn't selling on false promises. “OpenSea, in particular, I think has its own unique part to it, as in not selling people on false promises or dreams. So for that reason, I'm not worried.”