A lawyer believes that non-fungible tokens (NFTs) can be considered securities in some cases. However, the recent notice sent by the U.S. Securities and Exchange Commission (SEC) to OpenSea does not consider it a wise use of the institution’s time. Oscar Franklin Tan, general counsel for web3 organization Atlas, explained how NFTs can be classified as securities but why the SEC’s new action is not justified. Tan said that some NFT applications may be similar to investment products, in which case they could be considered securities. He added that these references only raise speculation and do not clarify the rules of Web3 technology. Tan believes that any ambiguity could discourage content creators and that regulating NFTs is as impossible as regulating the internet because its scope is so vast.
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