OpenSea NFT Market Fuels Airdrop Speculation Following Registration in the Cayman Islands

Speculation has arisen about the non-fungible token (NFT) exchange OpenSea potentially preparing for a token airdrop after registering an entity in the Cayman Islands.

A screenshot of the OpenSea registration on the Cayman Island’s general registry was posted by X user Waleswoosh, a researcher at Azuki. This registration was also confirmed by OpenSea to CoinDesk.

Many are wondering if this move signals a plan to release a token in a more crypto-friendly jurisdiction than the U.S. A dashboard on Dune allows OpenSea users to track their historical activity to estimate the potential value of a potential airdrop.

OpenSea chose not to comment on any plans to introduce a native token.

The company, based in New York, was a major player in the NFT bull cycle of 2022, reaching a record $2.7 billion in trading volume in a single day in May of that year. Competition from platforms like Blur and a broader market decline led to a decrease in market share. Current trading volume stands at $21 million over the past 24 hours, less than 1% of the record.

OpenSea was valued at $13 billion after securing $300 million in funding during the peak of the 2022 cycle. The focus in the market has shifted towards memecoins such as dogwifhat (WIF) and bonk (BONK) rather than NFT projects like Bored Ape Yacht Club and CryptoPunks.

This month, OpenSea plans to regain momentum with the launch of OpenSea 2.0, which has attracted over 1 million unique wallets on the waitlist.

The new platform includes a “retro” section that rewards users with “points” based on their historical activity. Airdropping tokens to users based on points has been a common practice this year to encourage ongoing participation and loyalty, though there is no indication that OpenSea will follow suit.

Source link

#NFT #Market #OpenSea #Sparks #Airdrop #Speculation #Cayman #Islands #Registration