Key information to know:
OpenSea has launched a new trading platform OS2, which expands into token trading;
The OpenSea Foundation has also announced plans to distribute SEA tokens to users, but did not disclose the details or dates of the airdrop;
The platform's monthly trading volume has significantly decreased from the $5 billion peak in early 2021, with $190 million in NFT transactions facilitated last month.
The popular non-fungible token (NFT) marketplace OpenSea announced on Thursday that it is expanding its platform to cryptocurrency trading and confirmed plans to distribute the SEA token to users.
According to a press release from the agreement, a trading platform named OS2 has launched today, which aggregates markets, allows cross-chain purchases, and offers lower fees initially.
OpenSea co-founder and CEO Devin Finzer said, "This represents OpenSea's expansion from an NFT marketplace to a broader trading platform for all types of digital assets. We believe tokens and NFTs should come together to create a powerful and enjoyable experience."
The development organization behind the agreement, the OpenSea Foundation, is based in the Cayman Islands, and it will also distribute SEA tokens that provide utility on the OS2 platform.
While the details and dates of the airdrop have not been disclosed, OpenSea has confirmed that SEA will recognize active users and those who joined the platform since its inception; users in the US will also participate in the airdrop.
OpenSea states that the utility of SEA will focus on long-term participation rather than short-term speculation.
The platform's monthly trading volume has significantly decreased from the $5 billion peak in early 2021, with $190 million in NFT transactions facilitated last month; according to Dune Analytics, the platform's annual revenue is $33 million.
Devin Finzer's open letter
A lot is changing at OpenSea:
We are launching OS2 - a brand new OpenSea built from the ground up, NFTs 🤝 tokens;
SEA comes from the OpenSea Foundation;
We are changing unreasonable policies in web3: re-enabling locked items and delisted collectibles, and lifting unnecessary bans;
We will launch NFTs with a 0.5% platform fee, plus 0% token fees.
OS2 is not just a new product; SEA is not just a token; it's about a new OpenSea.
The NFT bull market has changed us; we have become too corporate and too web2, letting the fear of risk outweigh building for users.
I decided we needed a complete reset, so we rolled up our sleeves and started rebuilding: technology, product, and most importantly - culture. Fixing these foundations requires a lot of hard work and sweat, but seeing the transformation of the team is truly incredible.
Private beta testers know that OS2 feels different; our developers were fixing user issues on Discord at 3 AM during the holidays, a smaller crypto-native team resolved six times the submission volume with half the team size; this is the early energy we worked hard for together.
With SEA, the OpenSea Foundation is drawing lessons from the field and improving, not just recent events or short-term actions, rewarding those who believed in our field from the beginning, as well as those who have worked with us long-term, accessible, integrated into OS2, and built for sustainability.
What’s in the public beta today is just the beginning; our ultimate goal is simple: to create the best crypto products! We have a long way to go, but we will continue to deliver: NFTs, tokens, creator tools, AI x crypto—these are just the things we are starting to plan, because crypto needs truly great products.
To all the haters: you make us better; for those who have stood with us through thick and thin: we are building the OpenSea you have always believed in!
Let's fucking go! 🌊
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