OpenSea finally launched its token: NFTs may be cold, but the profit-taking is still hot.

CN
1 day ago

Brush it off, the last bit of liquidity in the NFT track is about to be squeezed dry.

Written by: Asher (@Asher_0210)

After experiencing multiple bull and bear markets and witnessing narrative changes, OpenSea is finally launching its token. On May 30, OpenSea's official Twitter account announced on the X platform that the OpenSea 2 (OS2) platform has completed its testing phase and is now open to the public, along with the launch of a new rewards system called "Voyages," where users can earn XP points by completing basic operations such as on-chain transactions. Additionally, CMO Adam Hollander revealed that the SEA token will undergo its Token Generation Event (TGE) after a series of product updates, although a specific timeline has not yet been announced.

Below, Odaily Planet Daily will analyze the newly launched OpenSea 2 token incentive system, how to participate in interactions, and the community's sentiment towards the NFT track.

OS2 New Rewards System

OpenSea was once the "absolute leader" of NFT trading platforms. Data shows that in March 2021, the trading volume on OpenSea first surpassed $100 million, exceeding $300 million in July, and in August, the figure grew more than tenfold to $3.44 billion. It was also in March of that year that OpenSea completed a $23 million financing round led by a16z, with many angel investors, including Mark Cuban, participating in this round of investment.

Years later, OpenSea is embarking on a new journey, attempting to regain market attention through the "OS2" upgrade, which aims to reconstruct its technology and user experience. OS2 is not just a simple iteration but the technological and experiential foundation of the next generation of OpenSea. As an important part of this upgrade, OpenSea has simultaneously launched a new user incentive mechanism. Users will earn XP (experience points) by completing operations on the platform such as creating NFT display pages, cross-chain transactions, and bulk purchases. These points will eventually be redeemable for OpenSea's upcoming native token—SEA.

According to OpenSea's Chief Marketing Officer Adam Hollander's lengthy post on the X platform, while no specific token launch date has been provided, several factors influencing the token airdrop were clarified, including:

  • Previous participation in activities will be rewarded but will be separate from this round of rewards;

  • Although no leaderboard has been set, earning XP points is important, and tasks related to token interactions are worth participating in;

  • Users can see their loyalty percentage on the rewards panel, which will play an important role in the token airdrop rewards;

  • Strict penalties will be imposed on bot accounts that farm XP points, and any discovered will result in the cancellation of token airdrop rewards.

OpenSea Odyssey Task Interaction Tutorial

Task link entry: https://opensea.io/rewards. After entering the task link, connect your wallet and bind your personal X account with your Discord account.

The XP tasks on OpenSea will be continuously updated and are all time-limited tasks. Currently, there are 4 tasks on OpenSea, and according to community member feedback, issues with interaction lag have been resolved, making it worthwhile to complete them as soon as possible.

The tasks mainly involve token swaps or scanning NFTs across various chains, and only require a single transaction exceeding $5, making them simple and easy to complete. Since everyone is buying and selling tokens or NFTs to complete tasks, avoid "stockpiling" and choose projects with relatively good liquidity, selling the interacted tokens and NFTs as soon as the specified tasks are completed.

Participation in interactions is worthwhile, but think twice before buying tokens at launch

In the current sluggish background of the NFT track, it is unlikely that many truly believe that OpenSea's token launch 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 out the last bit of liquidity from the NFT track.

The current NFT ecosystem has become stagnant. On one hand, the once major trading platforms have collectively fallen silent: Blur's topic has dropped sharply, with almost no one mentioning it; LooksRare's official account has only updated once this year; X2Y2 even announced the official closure of its trading platform on April 30. On the other hand, most blue-chip NFT projects have also fallen into silence, with the small penguin Pudgy Penguins being one of the few exceptions still maintaining community heat, while Azuki, Doodles, and others have had almost no follow-up actions after their token launches.

In such a market environment, although the interaction tasks launched by OpenSea are low-cost and time-efficient, they are still worth participating in to "grab a wave of benefits." However, one must be particularly cautious about whether to buy tokens after the launch. After all, the current market sentiment is weak, and even the previously hottest sectors like Meme and AI Agent have clearly cooled down.

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