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OpenSea Foundation Delays Token Launch, Again

OpenSea is also ending its rewards campaign, offering fee refunds, and cutting token swap fees to 0% beginning March 31.
OpenSea Foundation Delays Token Launch, Again
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According to OpenSea OpenSea CEO Devin Finzer, the popular NFT marketplace will delay the launch of its highly anticipated SEA token, citing tough market conditions and a desire to get the rollout right.

What's the Scoop?

  • Token Delay: Devin Finzer has confirmed the launch of OpenSea's SEA token will be delayed beyond the platform's Q1 TGE timeline. The delay has been attributed to "challenging" crypto market conditions and the desire to ensure a strong launch.
  • Reward Campaign Ends: OpenSea's current "Treasure" rewards wave will be its last. According to Finzer, users can continue to hold Treasure, and their accumulated rewards, "will be meaningfully considered by the [OpenSea] Foundation at TGE."
  • Fee Refund: In recognition of broken promise, Finzer says OpenSea will offer optional fee refunds to all users who participated in reward waves 3 to 6, following his previous TGE timing announcement, published in October. Additionally, starting March 31, OpenSea will reduce token trading fees to 0%.

Jack Inabinet

Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.

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