OpenSea has launched the beta version of OS2, a completely rebuilt version of its NFT marketplace, and announced plans for the SEA token.
OpenSea has launched the beta version of OS2, a completely rebuilt version of its NFT marketplace, and announced plans for the SEA token. The OpenSea Foundation confirmed that SEA will be distributed based on historical user engagement, not just recent activity, and that U.S. users will be eligible. While no launch date has been provided, the foundation emphasized that it is focusing on long-term sustainability.
The NFT market has struggled since its peak in 2022, with total trade volumes dropping below $9 billion in 2023. However, December 2024 saw the highest trading activity in over a year. OpenSea, once the dominant NFT marketplace, has faced growing competition from Blur, which introduced a rival token and reduced royalty fees for creators. In response, OpenSea has been working to regain market share and reported over $4 million in revenue in December 2024, its highest in years.
CEO Devin Finzer announced in late 2023 that OpenSea would lay off half its workforce to accelerate the launch of OpenSea 2.0. The updated platform introduces a 0.5% marketplace fee, eliminates swap fees, and integrates 14 new blockchains, including Ethereum layer-2 networks like Sonieum and Apechain. Other changes include re-enabling locked items, reinstating delisted collections, and reversing bans the company now considers unnecessary. Finzer said OpenSea had become “too corporate, too Web2” and needed a complete reset.
The SEA token launch comes as U.S. regulations shift under President Donald Trump’s administration. Since taking office on Jan. 20, Trump has expressed interest in making the U.S. a leader in the crypto industry and has nominated pro-crypto figures to key regulatory positions. OpenSea has faced legal scrutiny over whether NFTs on its platform qualify as unregistered securities, with investigations still ongoing. The launch of SEA, a fungible token, could bring additional regulatory attention, but Trump’s administration has signaled plans to ease enforcement.
The announcement follows the December 2024 launch of PENGU, the token for the Pudgy Penguins NFT collection, which debuted with a market capitalization of $3.5 billion but has since dropped to around $620 million. The Pudgy Penguins team has not specified the token’s utility, though Bybit suggests it may play a governance role.
OpenSea, backed by Andreessen Horowitz, has generated nearly $1 billion in fees since launching in 2017. The company hopes that OS2 and SEA will help revitalize its platform as it navigates regulatory challenges and a recovering NFT market.
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