NFT Marketplace OpenSea Expands to Crypto Trading, Plans to Distribute SEA Tokens

Popular non-fungible token (NFT) marketplace OpenSea said Thursday that it is expanding its platform to crypto trading and confirmed it is planning to distribute SEA tokens to users.

Popular non-fungible token (NFT) marketplace OpenSea is expanding its platform to crypto trading and plans to distribute SEA tokens to users, the company announced Thursday.

The trading platform, called OS2, has launched and aggregates marketplaces, enables cross-chain purchasing and offers lower fees initially, according to a press release from the protocol.

"This marks an evolution of OpenSea from an NFT marketplace to a broader platform for trading all types of digital assets," said Devin Finzer, co-founder and CEO of Open. "We believe tokens and NFTs belong together in a single, powerful, delightful experience."

OpenSea Foundation, the Cayman Islands-based development organization behind the protocol, will also be distributing SEA tokens that offer utility on the OS2 platform.

While details and a date for the airdrop were not disclosed, OpenSea did state that SEA will recognize both active users and those who have been a part of the platform since its early days. US users will be included in the airdrop.

OpenSea said SEA's utility will be geared toward long-term engagement rather than short-term speculation.

The platform's monthly trading volume has fallen significantly from a $5 billion peak in early 2021, with the platform facilitating $190 million in NFT trades last month. The platform's annualized revenue is $33 million, according to Dune Analytics data.