The OpenSea team is looking to launch a native token, SEA, to support its NFT marketplace.
Background
- The platform has also launched a new version of its protocol in beta
- Called OS2, the “reimagined product” is built “entirely from the ground up, for collectors and pros”
- OS2 will support native cross-chain purchasing
Why should you pay attention?
- The team is looking to make the token claim process “simple and accessible”
- Rather than focussing on only recent activity, the team will give priority to historical OpenSea usage
- US market participants won’t be hindered from taking part
- OpenSea’s plan to include US users highlights the evident evolutionary change in the US regulatory environment
Who said what?
- The team highlighted,
“We’re focused on long-term sustainability and supporting a healthy, enduring community”
- With respect to the timing, they said,
“No details on timing yet. We’re taking the learnings from this space and getting it right”
Zooming out
- Last year, OpenSea was in the midst of legal trouble
- The SEC had alleged that the NFTs traded on the platform were unregistered securities
- The probe hasn’t come to an official end yet, but with Trump’s regulatory plan to downsize enforcement against crypto firms in place, it doesn’t seem like OpenSea has anything to worry about
