Analysis: The key point of the SEC's Well Notice to OpenSea is whether the assets are on-chain

Regarding the SEC issuing a WellNotice to OpenSea, law professor Brian Frye and artist Jonathan Mann said in an interview with DL News: "Suing OpenSea is like suing eBay for selling trading cards, or Sotheby's for selling art. The only standard of the SEC is whether assets are on the blockchain." Previously, two NFT artists sued the U.S. SEC over whether NFTs are securities and their jurisdiction. Law professor Brian Frye and "Song a Day Mann" songwriter Jonathan Mann filed a lawsuit against the SEC and its five members in the Eastern District Court of Louisiana on Monday. The lawyers of both artists accused the SEC of launching a "campaign" for jurisdictional disputes, citing Taylor Swift's tickets as an example, they believe that it is absurd for the SEC to classify NFTs as securities; they also referred to two recent cases by this agency regarding NFTs.