OpenSea expands to crypto trading, announces SEA token airdrop for users

NFT marketplace Opensea has released a new upgrade, the OS2 platform, that will allow users to trade crypto tokens on new chains. The platform even plans to reward its loyal users with free $SEA tokens, though it has yet to reveal any further details.

Devin Finzer, Co-founder and CEO of OpenSea, remarked:

This represents an expansion of OpenSea from an NFT marketplace to a much broader platform for trading all types of cryptos. We think tokens and NFTs belong together in a single, powerful, delightful experience.

Devin Finzer

OpenSea will distribute SEA tokens to reward its users

OpenSea’s new OS trading platform will support cross-chain token purchases and initially offer lower fees for its users.

Moreover, OpenSea Foundation, a Cayman Islands-based institution, promised to distribute $SEA tokens to reward and engage NFT users and offer utility on the OS2 platform. The foundation has yet to specify when it will start distributing tokens or even how many tokens will go to its users.

The company, however, confirmed that its planned airdrop will cover both active users and the platform’s first users. US users will also be eligible for the airdrop.

Additionally, the company insists that SEA’s utility is meant to be long-term rather than short-lived speculation. It even posted on X the several advantages OS2 has to offer, including how consumers can now access NFTs and crypto tokens on the same platform and how the utility has 14 new chains, including ApeChain and BSL.

Hu believes their new platform and token will help grow community support for NFTs

Fizner argued that beta testers put emphasis on building speed, reliability, and quality of its new utility, saying the OS2 feels right.

Additionally, James Hu, the general manager of the OpenSea Foundation, says that OS2 should help the community grow and improve the OpenSea ecosystem. He further states that the presence of the $SEA token will increase the incentive for community members to get involved and support the NFT ecosystem.

So far, OpenSea’s annualized revenues are at $33 million after facilitating the trading of $190 million worth of NFTs in the previous month. However, its trading volume has dipped from its record highs in 2021.