OpenSea postpones launch of 'SEA token'… "Decision made in light of market conditions"

Source

Suehyeon Lee

Summary

OpenSea said it has postponed the launch schedule for its native token 'SEA', and has not disclosed a new launch date.
It said the SEA token will allocate 50% of total supply to the community and use 50% of platform revenue for token buybacks.
It added that it is pursuing a structure allowing users to stake SEA in specific NFT collections, and is pushing to transition into a comprehensive trading platform that includes a multichain trading hub and perpetual futures features.

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NFT (non-fungible token) platform OpenSea has postponed the launch schedule for its native token, 'SEA.'

According to Cointelegraph on the 16th (local time), OpenSea CEO Devin Finzer said, "The OpenSea Foundation had planned to begin the token launch process through an event on March 30, but we decided to push back the schedule." A new launch date was not disclosed.

Finzer explained, "Market conditions are challenging right now," adding, "Because the SEA token will be launched only once, it's important to move forward when everything is fully ready." He continued, "We could have pressed ahead, but ensuring a level of completeness that the community expects is more important."

Previously, in October last year, OpenSea unveiled plans to issue the SEA token and said it was targeting a launch in the first quarter of this year. 50% of the total supply was set to be allocated to the community, including existing users and participants in rewards programs.

The company also outlined a plan to use 50% of platform revenue for token buybacks after launch, and a structure that would allow users to stake SEA in specific NFT collections.

Meanwhile, OpenSea is pushing to transform beyond its existing NFT marketplace into a comprehensive trading platform, including a multichain trading hub and perpetual futures functionality.