14/02/2025 NFT market OpenSea teases token launch

The token launch is part of a broader revamp of the protocol, which its CEO says became too “corporate.”

NFT market OpenSea teases token launch

The token launch is part of a broader revamp of the protocol, which its CEO says became too “corporate.”

Non-fungible token (NFT) marketplace OpenSea is preparing to launch a project token, SEA, according to a Feb. 13 announcement from the OpenSea Foundation.

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The foundation did not specify the timing of the token launch butsaidSEA would be available to users in countries including the US. It added that “historical OpenSea usage, not just recent activity, will be an important ingredient” in token allocations.

OpenSea’s plans highlight the stark changes in the US regulatory environment for cryptocurrency firms following US President Donald Trump’s Jan. 20 inauguration. Trump said he wants to make America “the world’s crypto capital” and has nominated industry-friendly leaders to head key regulators.

In 2024, OpenSea facedlawsuitsandregulatory inquiriesalleging the NFTs traded on the platform qualified as unregistered securities. Fungible tokens — like SEA will be — faced even greater scrutiny. The probe remains unresolved, but Trump’s regulatory picks plan to scale back enforcement against crypto.

Source:OpenSea Foundation

Revamping OpenSea

The announcement comes alongside the release of the private beta for OS2, which OpenSea CEO Devin Finzer described as “a brand new OpenSea built from the ground up” in a Feb. 13poston the X platform.

OpenSea is Web3’s most popular NFT marketplace, operating on more than 10 networks and clocking nearly $1 billion in fee revenues since launching in 2017, according todatafrom Dune Analytics.

The SEA and OS2 launches are part of a broader revamp that includes changes such as “re-enabling locked items and delisted collections, and removing unnecessary bans,” according to Finzer.

“The NFT bull market changed us. We got too corporate, too web2, and let fear of risk outweigh building for users,” Finzer said. “I decided we needed a complete reset.”

Momentum from PENGU launch

OpenSea’s planned token launch closely follows the debut of PENGU, the project token for the Pudgy Penguins NFT collection.

Launched in December, PENGU commenced trading at a market capitalization of approximately $3.5 billion. It has since declined to around $620 million,accordingto data from CoinGecko.

The Pudgy Penguins team hasnot announced a specific use casefor PENGU tokens, but they are expected to play a role in the project’s governance, according to Bybit.

Arts

https://cointelegraph.com/news/nft-market-open-sea-teases-token-launch

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