132 / VR Future Genesis
project review and OpenSea Wells Notice
How you can do basic diligence before buying a project. Oh and PS we look at the OpenSea Wells Notice, where they fail a basic diligence of not being a securities broker.
Episode notes
Edit these notes…Turkish ecosystem // different culture for tech / startups
Careful wording: https://www.theverge.com/24161573/opensea-crypto-nfts-workplace-rise-fall
While some staff weren’t aware of the SEC matter, a vocabulary guide instructed employees on appropriate terminology when either talking to each other or the public about NFTs and OpenSea. Instead of saying “buy, sell, or pay on OpenSea,” legal counsel told employees to say “purchase on the blockchain,” “purchase using MoonPay” (a crypto payments company), or “buy using OpenSea.” The guide said, “This distinction is very important to keep clear, as it impacts our tax and legal obligations.”
Other terms employees should avoid when talking about OpenSea were “exchange,” “broker,” “marketplace,” “profit,” “shares,” “stocks,” “trading,” “trade,” “traders” — words used when talking about securities, the domain of the SEC.