Outside Source
The token launch is part of a broader revamp of the protocol, which its CEO says became too “corporate.”
News
Non-fungible token (NFT) marketplace OpenSea is preparing to launch a project token, SEA, according to a Feb. 13 announcement from the OpenSea Foundation.
The foundation did not specify the timing of the token launch but said SEA would be available to users in countries including the US. It added that “historical OpenSea usage, not just recent activity, will be an important ingredient” in token allocations.
OpenSea’s plans highlight the stark changes in the US regulatory environment for cryptocurrency firms following US President Donald Trump’s Jan. 20 inauguration. Trump said he wants to make America “the world’s crypto capital” and has nominated industry-friendly leaders to head key regulators.
In 2024, OpenSea faced lawsuits and regulatory inquiries alleging the NFTs traded on the platform qualified as unregistered securities. Fungible tokens — like SEA will be — faced even greater scrutiny. The probe remains unresolved, but Trump’s regulatory picks plan to scale back enforcement against crypto.
Source: OpenSea Foundation
Related: Pudgy Penguins’ PENGU token down more than 50% after launch
Revamping OpenSea
The announcement comes alongside the release of the private beta for OS2, which OpenSea CEO Devin Finzer described as “a brand new OpenSea built from the ground up” in a Feb. 13 post on the X platform.
OpenSea is Web3’s most popular NFT marketplace, operating on more than 10 networks and clocking nearly $1 billion in fee revenues since launching in 2017, according to data from Dune Analytics.
The SEA and OS2 launches are part of a broader revamp that includes changes such as “re-enabling locked items and delisted collections, and removing unnecessary bans,” according to Finzer.
“The NFT bull market changed us. We got too corporate, too web2, and let fear of risk outweigh building for users,” Finzer said. “I decided we needed a complete reset.”
Momentum from PENGU launch
OpenSea’s planned token launch closely follows the debut of PENGU, the project token for the Pudgy Penguins NFT collection.
Launched in December, PENGU commenced trading at a market capitalization of approximately $3.5 billion. It has since declined to around $620 million, according to data from CoinGecko.
The Pudgy Penguins team has not announced a specific use case for PENGU tokens, but they are expected to play a role in the project’s governance, according to Bybit.
Magazine: BTC above $150K is ‘speculative fever,’ SAB 121 canceled, and more: Hodlers Digest, Jan. 19 – 25
This article first appeared at Cointelegraph.com News
