OpenSea users Anthony Shnayderman and Itai Bronshtein have withdrawn their lawsuit against the marketplace over the sale of unregistered securities after a judge allowed the company to demand arbitration.
Withdrawal of the Case Against OpenSea
On November 7, Anthony Shnayderman and Itai Bronshtein filed for a voluntary dismissal of their lawsuit against Ozone Networks, doing business as OpenSea, in a Florida federal court. This decision came after Judge Cecilia Altonaga allowed OpenSea to demand arbitration.
OpenSea's Position in the Process
OpenSea argued that under its terms of use, all claims should be resolved by an arbitrator. In their October filing, the company stated its intention to compel the claimants to arbitration and prepared to appeal any court ruling that denies it.
Claimants' Goals and Next Steps
The claimants' lawyer, Adam Moskowitz, noted that the 'main goal' of the case was to establish a framework for experts to develop a workable global NFT marketplace. Moskowitz emphasized that they would continue to investigate ways to support victims of failed NFTs and crypto products.
Claimants still believe that OpenSea could help improve oversight and monitoring of NFTs traded on the platform, despite the conclusion of the legal case.
