OpenSea says SEA token launch depends on key feature releases, promises new rewards for users as OS2 exits beta

The largest NFT marketplace OpenSea said it is urgently working on the launch of SEA — but that it is essential to have certain feature releases in place before the token generation event.

"I know you’re all hoping I'm going to answer the question, 'wen TGE?'" OpenSea CMO Adam Hollander said in a Thursday blog post . "As I said in my post a few weeks ago, there are releases and innovations coming that will surprise you. The Foundation considers it essential to have several of these in place before launching the token, ensuring utility and staying power."

OpenSea initially teased a SEA token airdrop in February, but a launch date remains elusive. "What I can tell you is that the Foundation is just as excited to release SEA as you are to receive and experience it. The team is moving with urgency to ensure that SEA has thoughtful mechanics, reasons to hold it, and long-term alignment with community expectations," Hollander said.

However, he did confirm that past activity will be rewarded with a separate SEA allocation from the Foundation at TGE, and that, while there's no leaderboard, OpenSea is closely monitoring "meaningful" and "organic" current activity — especially via token trading — under its experience points (XP) system. Although widely assumed, OpenSea has not confirmed that XP will directly convert into SEA tokens.

The OpenSea Foundation will oversee the SEA token and is committed to a thoughtful rollout and utility-backed mechanics, ensuring the token aligns with OpenSea's long-term vision, the team said in a statement shared with The Block.

OpenSea's OS2 exits beta, launches 'Voyages' rewards program

The project rolled out the private beta of its OpenSea 2.0 (OS2) platform in January, featuring a redesigned user interface and the XP reward system. An updated beta version followed a month later.

Now, "it’s finally time to remove the “beta” tag from OS2," Hollander said on Thursday, with the public release unlocking full token trading across 19 chains, including support for Solana fungible tokens as well as tools for cross-chain swaps and minting, with plans to expand to other networks over time. "These features, along with lower fees, optimized speed, and improved discoverability, make OpenSea the best place to discover, trade, and build," the project claimed.

"OS2 is the foundation for the next generation of OpenSea," OpenSea co-founder and CEO Devin Finzer said. "We've rebuilt the platform from the ground up to become the best destination for everything on-chain, from NFTs to tokens, across chains and communities."

With OS2 now out of beta and live for all users, it fully replaces the legacy OpenSea platform. It also includes the launch of "Voyages" — a new, ongoing quest-based system designed to reward "meaningful engagement," according to the team.

Voyages are a key part of OpenSea's new rewards program, letting users earn XP for completing simple actions across the platform — like sharing a gallery, completing a cross-chain swap, or buying an NFT on a new chain, the project explained.

"Voyages are a clear step toward a more intentional kind of engagement on OpenSea," Finzer said. "It's about encouraging people to explore the full range of what the platform can do across chains, assets, and experiences."

"Voyages are designed to provide XP for use of novel features across OpenSea," Hollander added. "Most can be completed just as easily with $5 as they can with $5,000. We want you all to try, explore, and be rewarded for using the new product."

NFT market remains a shadow of its former self

The NFT market has suffered tremendously since its 2021 heyday, failing to recover from the 2022 bear market as strongly as other sectors in the crypto space — likely providing the impetus for OpenSea to expand into other services with OS2.

Weekly NFT trading volume hit a peak of $3.2 billion in August 2021. Although there were pockets of resurgence along the way, activity has largely been down only since, with the latest weekly figures registering just $109 million, according to The Block's data dashboard .

Once the dominant NFT marketplace by a long way, OpenSea saw Blur eat into its market share and surpass the platform for a large portion of that time. And while OpenSea has recently recovered to establish itself as the top Ethereum NFT marketplace by trading volume again, the NFT market overall remains a shadow of its former self.