OpenSea announces SEA token launch and platform revamp

OpenSea, a non-fungible token (NFT) marketplace, has announced the upcoming launch of its project token, SEA, alongside a platform overhaul called OS2.

The announcement was made on February 13 by the OpenSea Foundation.

The SEA token is designed to reward active, loyal, and historical users of the marketplace.

While specific details about the token distribution are not yet available, the OpenSea Foundation has confirmed that the airdrop will not require Know Your Customer (KYC) verification, and U.S. users will be eligible to participate.

The platform will focus the token's utility on long-term engagement rather than short-term speculation.

The SEA and OS2 launches are part of a broader revamp of OpenSea, which includes re-enabling locked items and delisted collections, and removing unnecessary bans.

OpenSea CEO Devin Finzer described OS2 as "a brand new OpenSea built from the ground up."

The new platform expands OpenSea to token trading.

OS2 aggregates marketplaces, allows cross-chain purchasing, and offers lower fees in the beginning.

OS2 introduces an XP system that rewards activities such as listing items and making offers.

The platform operates on more than 10 networks and has generated nearly $1 billion in fee revenues since launching in 2017.

OpenSea's planned token launch comes as the platform seeks to regain dominance in the NFT ecosystem.

The platform's monthly trading volume is down significantly from a $5 billion peak in early 2021, with $190 million worth of NFTs traded last month.

Finzer said that OpenSea had become "too corporate, too web2, and let fear of risk outweigh building for users" and that the revamp was a "complete reset."

OpenSea's plans also highlight changes in the U.S. regulatory environment for cryptocurrency firms.

The SEA token's initial trading price was recorded at $0.50 on the decentralised exchange Uniswap (CRYPTO:UNI) at 10:45 AM EST.

The announcement led to a significant surge in trading volume, with $SEA recording a volume of 5 million tokens traded within the first hour of trading.