Franklin

Hello Kitty

Pudgy Penguins CEO Luca Schnetzler, widely known in the non-fungible token (NFT) space as Luca Netz, stated that he remains unfazed by the recent actions taken by the US Securities and Exchange Commission against the NFT industry.
On Aug. 28, NFT marketplace OpenSea revealed that it had <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/opensea-wells-notice-sec-nfts" rel="null" target="null" text="null" title="null">received a Wells notice from the SEC</a>. The company claimed that the SEC is alleging that NFTs on the trading platform may qualify as securities. Then, on Sept. 17, the SEC imposed a $750,000 <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/two-sec-commissioners-slam-agencies-nft-settlement-flyfish-club" rel="" target="_self" text="null" title="https://cointelegraph.com/news/two-sec-commissioners-slam-agencies-nft-settlement-flyfish-club">fine on the restaurant Flyfish Club</a> for offering NFTs.
As the SEC takes action against the industry, some argue that it is <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/digital-chamber-congressional-action-sec-nft-platforms" rel="" target="_self" text="null" title="https://cointelegraph.com/news/digital-chamber-congressional-action-sec-nft-platforms">necessary to respond to these measures</a>. However, Schnetzler dismisses the SEC’s actions as “nonsense.”
<h2 id="sec-s-nft-crackdown-a-nothing-burger">SEC’s NFT crackdown a “nothing burger”&nbsp;</h2>
In an interview with Cointelegraph managing editor Gareth Jenkinson at Token2049, Schnetzler said that while there may be problems surrounding NFT issuance, the rest is just noise. “I think it’s a nothing burger,” he said.&nbsp;
Schnetzler added that if the SEC goes after OpenSea, it will have to go against many larger organizations that have set foot in the NFT space:&nbsp;
<blockquote>
 “For the space in general, I also don’t really care. I mean, if you’re going to go after OpenSea, you got to go after Sotheby’s, you got to go after Nike, you got to go after Pokemon. [...] I mean, this is just this is nonsense at this point, right?”&nbsp;
</blockquote>
In a previous interview, lawyer Oscar Franklin Tan told Cointelegraph that under certain conditions, some NFTs <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/nft-securities-sec-wells-notice-opensea-lawyer-response" rel="null" target="null" text="null" title="null">resemble investment products</a> and could be considered securities. However, the lawyer also said these are not the digital collectibles one would find on OpenSea.&nbsp;
Schnetzler echoed this sentiment, saying OpenSea is not selling on false promises. “OpenSea, specifically, I think it’s in its own unique subsection where it’s like not selling people on a false promise or a dream. And so, for that reason, I’m not worried,” he explained.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/pudgy-penguins-pixelverse-telegram-game" rel="null" target="null" text="null" title="null">Pixelverse to put Pudgy Penguin character on Telegram mini game</a>
<h2 id="pudgy-penguins-ceo-calls-for-user-accountability">Pudgy Penguins CEO calls for user accountability</h2>
While government agencies like the SEC focus on investor protection, Schnetzler argued that, in the end, investors have to be accountable when they purchase digital assets like NFTs. He said:&nbsp;
<blockquote>
 “Ultimately, there has to be some sort of level of accountability in the space, right? Which is this idea that if you buy something, whether you buy it at $100,000 or $1,000, you are making that purchase. That is your conscious decision.”
</blockquote>
The executive added that while people can misinterpret NFTs 100 different ways, at the end of the day, “they’re JPGs.”&nbsp;<iframe width="100%" height="315" src="https://www.youtube.com/embed/d7tv7V8KB5A" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
 Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/pudgy-penguins-ceo-praise-actually-pretty-sad-nft-creator/" rel="null" target="null" text="null" title="null">NFT Creator: Pudgy Penguins GIFs top 10B views, CEO sets sights on Disney, Hello Kitty</a>

Pudgy Penguins CEO unfazed by SEC actions against NFT sector

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