OpenSea, the global leader in the NFT market, announced on February 13 the launch of its own token, named SEA. This major decision comes with a complete overhaul of the platform that has dominated the sector since 2017.
NFT platform OpenSea announced on Monday that it will launch a token called SEA. The token will be available to users in the United States and abroad.
The announcement comes as part of a broader effort by OpenSea to overhaul its platform. The company, which has generated nearly $1 billion in revenue since its launch in 2017, has faced criticism for becoming too centralized and Web2-oriented.
OpenSea's pivot to Web3 includes the launch of OS2, a completely redesigned version of the platform, and the introduction of a governance token. The token will be distributed to users based on their activity on OpenSea, with a heavier weight given to early activity. This approach aims to reward users who have supported the platform from the beginning.
The move comes at a time when crypto is gaining favor in the U.S., with former President Donald Trump aiming to make the country “the global capital of cryptocurrencies.” This positive climate could aid in the rollout of the SEA project, despite past investigations into the classification of NFTs as financial securities.
OpenSea CEO Devin Finzer has openly admitted that the platform strayed from its Web3 roots by becoming “too corporate.” In response, the company is taking steps to rectify this, such as restoring blocked features, reinstating deleted collections, and easing up on strict rules.
This project follows the successful launch of the PENGU token by Pudgy Penguins, which was valued at an astounding $3.5 billion upon its debut, eventually settling at $620 million. The experience gained from this venture will likely come in handy during the launch of SEA.
While the precise date for the launch of the OpenSea token is yet to be announced, the company is making preparations for its entry into the market. This initiative has the potential to significantly alter the NFT landscape and bolster OpenSea's standing in the Web3 domain.
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