NFT marketplace OpenSea has indefinitely delayed the launch of its SEA token. The SEA token launch had been scheduled for March 30, but OpenSea pushed back the timeline, citing uncertainty in market conditions and insufficient preparation. OpenSea announced the SEA token in October last year and said it would shift from an NFT exchange into a platform where users can trade “everything.”
The SEA token will offer discounted platform transaction fees, creator incentives and a community voting function. It will also support staking linked to NFTs. Users who could receive SEA tokens through the “Waves” rewards program can get partial refunds. Participants in Waves campaign levels 3 to 6 can choose to receive a refund of platform fees, but must give up the “treasure chest” provided as a reward.
Participants in Waves levels 1 to 2 have no refund option, prompting complaints. OpenSea’s NFT trading volume plunged from $3.3 billion in October to $705 million in November. It has now fallen to below $500 million a month. OpenSea did not disclose a new schedule for the SEA token launch, but appears likely to wait until market conditions stabilise.
Leave a Reply