What you need to know:
OpenSea CEO Devin Finzer announced that the company will launch the SEA token in the first quarter of 2026, with half of the total supply allocated to the community;
The token will be integrated into OpenSea's core experience, allowing users to stake their favorite collectibles or projects. Finzer stated that 50% of the platform's revenue will be used to repurchase SEA tokens;
This release comes after a long-awaited anticipation, accompanied by various speculations regarding the token structure and release timing, marking a new chapter for OpenSea as it expands its product line and shifts its strategic focus.
OpenSea's CEO Devin Finzer announced that the company plans to launch the highly anticipated SEA token in the first quarter of 2026.
Half of the total supply of the token will be allocated to the community, with most distributed via initial claims. Users with historical activity on the platform and participants in the reward program will receive special consideration, Finzer wrote on social media.
This move comes at a time when OpenSea is shifting its focus, having long been viewed as the largest marketplace for non-fungible tokens (NFTs). The platform recorded over $2.6 billion in trading volume this month, with over 90% coming from token transactions.
Finzer added that SEA will be integrated into OpenSea's core experience, allowing users to stake tokens behind their favorite collectibles or projects. At launch, 50% of platform revenue will be used to repurchase SEA.
The token issuance has been over a year since it was first announced, and since then, speculation about its structure and timing has increased, including bets placed on prediction markets like Polymarket.
Finzer's announcement brought a perception that the probability of SEA's token issuance this year has dropped from nearly 40% to less than 1%.
Meanwhile, OpenSea is rolling out new tools, including a mobile app and perpetual futures trading support, Finzer added.
OpenSea launched the final phase of SEA token rewards coinciding with the app release.
What you need to know:
OpenSea announced that its pre-token generation event (TGE) rewards have entered the final phase, with specific details about the SEA token's issuance expected to be announced in early October;
Users can now earn rewards and level up by opening treasure boxes, some of which contain high-end NFTs, such as Bored Ape Yacht Club (BAYC) and Pudgy Penguins. These rewards are separate from distributions based on historical platform activity;
In addition to the token updates, OpenSea has also launched a mobile app integrating on-chain trading and new AI-driven tools, aimed at helping users trade 'smarter and faster'.
OpenSea users received clear information about the company's native token issuance plan, which was first announced 10 months ago.
The non-fungible token (NFT) platform has entered the 'final phase' of pre-token generation event (TGE) rewards, with more details to be announced in early October.
At the time of this announcement, the OpenSea mobile app was simultaneously launched, connecting on-chain trading with the traditional NFT marketplace, while the company also introduced AI (Artificial Intelligence) features, stating that this integration will empower users to trade 'smarter and faster with AI'.
Since its announcement in 2024, the SEA token has been highly anticipated, leading millions of dollars to be placed on Polymarket, with the market speculating on the official issuance date of the token.
The last reward phase before the token launch focuses on upgradable treasure boxes, with some prizes coming from NFT collectibles like Bored Ape Yacht Club (BAYC) and Pudgy Penguins.
In a post on platform X, OpenSea's Chief Marketing Officer Adam Hollander stated that collectibles would play an 'important role' in the token generation event.
He added: 'During the token generation event (TGE), historical platform activities will receive rewards and their own SEA allocation.' This is separate from the reward program.
OpenSea's token issuance has been postponed again; how to adjust the plan?
I thought OpenSea would soon issue tokens, but unexpectedly, they organized a final reward event before the TGE, and it was even split into multiple phases: Wave 1 just ended, and Wave 2 has already gone live.
According to official information, since the last reward activity before the TGE went live, the platform's cumulative trading volume has exceeded $2 billion. Therefore, the rewards for the Wave 1 phase currently include NFTs and tokens worth $12.2 million, and the rewards have been distributed.
Moreover, the Wave 2 phase started on October 15 and will continue until November 15, with 50% of the platform fees being used to fund new reward pools and an initial prize pool of $1 million worth of OP, SOMI, and ETH tokens being launched.
Disappointingly for the community, the rewards from the Wave 1 phase are nearly impossible to recoup, merely offering badges of different levels, hoping to exchange for more SEA tokens during the TGE. For example, the Amethyst tier treasure box, costing over $310, has an airdrop token value of only about $110, far below the player's investment cost, resulting in severely inadequate returns.
Moreover, the situation with other tier treasure boxes is similar - the value of rewards gained from high-cost investments is generally low, and the practicality of badges and the subsequent number of SEA tokens they can be exchanged for remain uncertain. This means that even if players actively participate in 'brushing treasure boxes', the actual returns may long fail to cover costs, posing a risk of being negatively impacted.
Data shows that user enthusiasm for the 'treasure box' activity has clearly declined, with many opting out of participating in the Wave 2 reward activities. On-chain data indicates a sharp drop in Swap transaction volumes on the OpenSea platform since the end of the Wave 1 reward distribution, suggesting a noticeable decrease in market activity.
It is evident that OpenSea's reward design before the TGE has not only failed to effectively incentivize community participation but has also led to a decline in activity, reflecting the community's dissatisfaction and resistance to its incentive mechanism.
So, when will OpenSea, which has missed countless token issuance opportunities, actually conduct the TGE?
OpenSea CEO: Plans to launch the SEA token in Q1 2026
Yesterday, OpenSea's CEO Devin Finzer stated on platform X that they plan to launch the SEA token in Q1 2026. The introduction of SEA will provide users with more utility options, including staking, allowing users to stake SEA behind their favorite tokens and collectibles. Additionally, there are a few points worth noting in the statement:
At the TGE, only 50% of the airdrop tokens will be unlocked; 50% of the total supply of SEA will be allocated to the community, with the initial claim unlocking 50%;
The last reward activity before participating in the TGE will be a key consideration during the TGE, but no explicit commitment has been given. Users participating in the OpenSea reward program and OG users will be prioritized;
50% of OpenSea's platform revenue will be used to purchase SEA at the TGE, aiming to ensure the token's value and the healthy development of the ecosystem.
Furthermore, based on community feedback, OpenSea may soon launch perpetual contract features, which may be included in the new reward program where users earn points by 'brushing trading volume' for token airdrops.
Pay appropriate attention, control wear and tear, and don't set your expectations too high.
The current NFT ecosystem is like a stagnant pool, and it's hard to find anyone who truly believes that OpenSea's token issuance can bring about a 'second rise', let alone reshape the future of the NFT market. More people tend to believe that OpenSea is here to squeeze the last bit of liquidity out of the NFT space.
Meanwhile, OpenSea continues to PUA users, not easily allowing the 'profit-seeking crowd' to earn the last bit of liquidity. The token issuance time has been continuously delayed, and even if the official indicates plans to issue tokens in Q1 2026, it may be pushed to the end of the quarter, with various bizarre reasons given for further delays.
Therefore, the returns from treasure box activities in the recently concluded Wave 1 reward phase are likely low. Although participants can redeem tokens through badges during the TGE, there are two significant risks: first, the payback period is relatively long; second, a large number of similar tasks may appear from now until the TGE, leading to a decrease in badge value, potentially resulting in reduced returns.
Overall, these activities can be moderately participated in, but costs and wear and tear must be controlled. Do not have overly high expectations. Imagine: 'OpenSea did not release tokens during its peak, not even considering going public, and now that it's ending, it can't even take care of itself; how could an airdrop come to you?'
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