OpenSea Officially Announces Token Launch: Can It Revive Its Status as a Leading NFT Platform?
The unveiling of the SEA token signifies more than just OpenSea’s attempt at “self-rescue.” It represents a pivotal moment where the platform has decided to reconnect with its users after grappling with the challenges of commercialization and maintaining community trust.
Author: shushu
OpenSea is set to launch its tokens, presenting what could be the most promising airdrop opportunity for you. Last night, OpenSea declared the official rollout of its upgraded platform, OS2, marking the countdown to the $SEA token issuance. The company has clarified that future airdrops will depend on users’ historical activities, current on-chain behavior, and XP points from the Voyages task system.
This article aims to swiftly guide you through OpenSea’s new task updates, including essential operations like creating galleries, engaging in cross-chain transactions, purchasing NFTs, and analyzing the motivations behind the $SEA token and the platform’s transformation.
Transition to Crypto Asset Trading and Token Incentive Program Launch
On May 30, OpenSea concluded its internal testing and publicly launched OpenSea 2 (OS2), marking a significant step for this veteran NFT marketplace in evolving into a broader crypto asset ecosystem. The new platform currently facilitates token trading across 19 blockchains, offering features from NFT minting to cross-chain token exchanges, complemented by a new user incentive system dubbed “Voyages.”
Devin Finzer, co-founder and CEO of OpenSea, stated that OS2 is not just an iterative upgrade but rather “the technical and experiential foundation for the next generation of OpenSea.” He emphasized that the platform’s goal is to establish a comprehensive trading environment spanning multiple chains and serving diverse communities, moving beyond mere NFT transactions to include all forms of on-chain assets, including standard tokens.
As a core element of this upgrade, OpenSea has also rolled out a new user incentive system. Users will earn XP (experience points) for actions such as creating NFT display pages, executing cross-chain transactions, and making bulk purchases on the platform. These points can then be redeemed for the upcoming native $SEA token.
Adam Hollander, Chief Marketing Officer of OpenSea, revealed that the $SEA airdrop will officially commence through TGE after a series of key product releases. He noted in his blog, “We are well aware of the community’s expectations for the $SEA airdrop; this is not a typical token release, but a crucial event that will shape the next phase of OpenSea’s ecosystem.”
Currently, OpenSea has yet to disclose a detailed timeline for TGE but has confirmed that three types of user behaviors will influence airdrop eligibility:
1. Historical contributions, which refer to the user’s past trading activities on OpenSea;
2. Current behaviors, including actual use of the new platform, specifically regarding token trades;
3. XP points gained through the Voyages mission system.
It’s important to note that “Voyages” is not merely a task-tracking mechanism; it’s a rewards system categorized into five rarity levels (common, uncommon, rare, epic, and legendary). Some advanced tasks will unlock unique rewards called “Treasures,” which will be displayed on the user’s profile as proof of their participation and contributions.
Additionally, OpenSea has restructured its Discord community to establish it as a hub for Web3 user interaction and feedback. The official introduction highlights significant simplifications in community channels, along with new features such as identity grouping, topic-based interviews, and real-time voice chats to enhance user engagement and governance involvement.
OpenSea has declared that OS2 is merely the initial phase of its transformation. Looking ahead, it plans to broaden the number of supported chains, introduce new asset categories, and promote a deeper integration of user incentives, community governance, and platform economic models, all while adhering to decentralization principles. Devin Finzer believes that the launch of $SEA is not just a transition for OpenSea but could also serve as a vital turning point for Web3 applications as they evolve from singular scenarios to a more diversified economic system.
Interactive Tutorial
Before the official launch of the SEA token TGE, OpenSea is actively encouraging users to thoroughly explore its new OS2 platform through a series of interactive tasks. Starting May 30, a new round of Voyages activities has been initiated, allowing users to earn XP points by completing on-chain tasks and prepare for the future redemption of $SEA. This initiative serves as the primary entry point for participation before TGE, particularly in light of Blur’s large-scale airdrops driven by trading behavior, amplifying community anticipation for OpenSea’s rewards this round.
The task flow of this update is relatively straightforward, designed for all users to easily engage:
Task 1: Create a Personal Gallery
Upon entering OpenSea OS2, users can establish their own NFT display page using the “Gallery” feature. Simply upload the collection and edit the introduction to fulfill the task, which serves as a foundational step to accruing XP.
Task 2: Conduct On-Chain Token Transactions
Complete a token exchange operation of at least $5 on the Solana chain (e.g., converting SOL to USDC) with a minimal fee of around $0.1. This will help familiarize users with the cross-chain experience on OS2.
Task 3: Buy an NFT Priced Around $5
Select any NFT with good liquidity and low price volatility for purchase. It is advisable to complete this on the Solana chain for cost-effectiveness and efficiency.
Task 4: Social Interaction
Perform tasks such as liking and sharing the officially specified content according to activity requirements to enhance community involvement.
Notably, OpenSea previously charged account opening fees, a nostalgic aspect for numerous users who first stepped into Web3. In light of Blur’s aggressive airdrops to capture market share, this round of $SEA issuance is viewed as a “return on investment” to the community. As the event progresses, community members have expressed intentions to create tutorials and share strategies related to each task round, aiming to position themselves as potential winners in this upcoming airdrop.
The Ups and Downs of OpenSea
After announcing the official launch of OS2 and the forthcoming token airdrop mechanism, OpenSea has once again captured the crypto world’s attention. However, understanding why this NFT market leader, once valued at $13.3 billion, requires such a thorough reinvention calls for a review of its tumultuous journey over the past seven years.
The OpenSea story began in 2017 during the early days of blockchain, when founders Devin Finzer and Alex Atallah explored the concept of sharing Wi-Fi through cryptocurrency. The surge in popularity of CryptoKitties led them to rethink the potential of NFTs. In early 2018, they officially founded OpenSea, successfully securing initial funding after joining Y Combinator. At that time, the NFT market was still nascent, and OpenSea was comparable to competitors like Rare Bits.
The company’s early path was not without challenges. Before 2020, its platform’s transaction volume was consistently in the millions, operating with a streamlined team and focused strategy. It wasn’t until the NFT bull market of 2021 that OpenSea experienced explosive growth. That year, Beeple’s digital artwork sold for an astonishing $69 million, and NFT series like Bored Ape Yacht Club (BAYC) ignited market enthusiasm. OpenSea’s monthly transaction volume exceeded $3 billion that summer, hitting a record high of $5 billion in a single month by the year’s end.
OpenSea enjoyed its moment in the spotlight in 2021 when a16z led a $100 million funding round that elevated its valuation to $1.5 billion. In early 2022, another funding round took its valuation to $13.3 billion, solidifying its position as the uncontested leader in the NFT market.
However, the subsequent market downturn and management challenges inflicted lasting damage. The demand for NFTs significantly declined starting in early 2022, compounded by negative incidents involving insider trading, downtime, and user security breaches, all of which tarnished OpenSea’s reputation. The emergence of Blur at the end of 2022 further eroded OpenSea’s market share among professional traders, as new platforms launched competitive “vampire attacks” with lower fees, quicker transactions, and enticing token incentives.
In 2023, OpenSea commenced layoffs and organizational restructuring to alleviate cost pressures and realign its product offerings. At that point, its market share had plummeted from 95% at peak to under 30%. Plans for an IPO were also delayed due to community feedback and regulatory scrutiny. Finzer ultimately decided to abandon the “traditional tech company” strategy, opting instead to return to the core principles of Web3 – token issuance.
Following the announcement, OpenSea’s platform transaction volume enjoyed a long-awaited spike; however, following the controversies over the airdrop strategy, interaction enthusiasm quickly waned.
The launch of the SEA tokens is not merely an act of “self-rescue” by OpenSea; it signifies a commitment to reconnect with users after navigating the challenging waters of commercialization and community trust. The outcome of this dramatic strategic overhaul will be crucial in determining whether OpenSea can rejuvenate itself and will likely reshape the competitive landscape of the entire NFT market.
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