OpenSea Launches Crypto SEA and Embarks on a Strategic Shift

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.

An Ambitious Transformation for OpenSea

The OpenSea Foundation announced on February 13 the launch of its SEA token, which will be accessible to American and international users. An important aspect of the project: the distribution of tokens will take into account the entire usage history of the platform, not just recent activities. This approach aims to reward loyal users who have supported the platform since its inception.

This initiative comes at a key moment for OpenSea, which has generated nearly a billion dollars in revenue since its creation. Its CEO, Devin Finzer, admits that the platform drifted too far from its Web3 roots by becoming “too corporate”.

The change also includes the launch of OS2, a completely rethought version of the platform. OpenSea, which operates on more than 10 different blockchain networks and has generated nearly a billion dollars in revenue since 2017, seeks to regain its original DNA.

A Favorable Context for the Launch

This launch occurs in a favorable context for cryptos in the United States, particularly with the arrival of Donald Trump, who aims to make the country “the global capital of cryptocurrencies.” This positive climate should facilitate the development of the SEA project, despite past investigations regarding the classification of NFTs as financial securities.

OpenSea’s CEO, Devin Finzer, acknowledged frankly that the platform had strayed from its initial values by becoming “too corporate” and “too Web2.” To address this, the company is taking concrete steps: reactivating blocked features, returning deleted collections, and simplifying overly strict rules.

This project comes after the success of the PENGU token from Pudgy Penguins, which reached an impressive valuation of 3.5 billion dollars at its launch, before stabilizing at 620 million. This experience will likely serve as a guide for the launch of SEA.

Although the exact date remains to be announced, OpenSea is carefully preparing for the launch of its SEA token. This initiative could profoundly transform the NFT market and reinforce OpenSea’s leading position in the Web3 universe.