Luca Schnetzler, CEO of Pudgy Penguins, said he is not worried about the recent actions taken by the 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 argued that NFTs on its trading platform may qualify as securities. Then, on September 17, the SEC fined the Flyfish Club restaurant $750,000 for offering NFTs.

Schnetzler added that if the SEC took action against OpenSea, they would have to confront many large organizations already involved in the NFT space. Schnetzler believes that OpenSea does not sell based on false promises. "OpenSea, in particular, I think it has its own unique part, like not selling people on false promises or dreams. So, for that reason, I'm not worried."