Following the launch of the E token by Magic Eden, many NFT traders are speculating that OpenSea, the leading NFT marketplace, might finally release its own token and airdrop.
According to Decrypt, three years after the height of the NFT boom—which saw monthly trading volumes skyrocket to billions of dollars and collections like Bored Ape Yacht Club gain mainstream attention—NFTs are once again in the spotlight. OpenSea, the dominant player in the space, has recently emerged as a topic of interest.
Will OpenSea Announce Its Token Airdrop Soon
NFT trading volumes have reached their highest levels in three months, and Magic Eden’s recent airdrop has fueled speculation about OpenSea’s plans. OpenSea recently posted a cryptic message on X (formerly Twitter), asking its followers:
What does loyalty mean to you?
Many traders interpreted this as a hint about rewarding loyal users—a common metric used for airdrops. OpenSea’s competitors, such as Blur and Magic Eden, have already conducted successful airdrops. For instance, Magic Eden distributed over $700 million worth of tokens to its users last week. While OpenSea previously led the NFT space with a valuation of $13.3 billion, these rewards from competitors have put pressure on the platform to respond.
Formation of the OpenSea Foundation
Speculation about an OpenSea airdrop intensified after the OpenSea Foundation was registered in the Cayman Islands. This move caught traders’ attention, as crypto projects often establish foundations as separate entities to facilitate token coordination and distribution.
Although creating a foundation doesn’t guarantee a token launch, it aligns with the practices of other crypto organizations that have recently released tokens. For example, Magic Eden distributed its token airdrop shortly after launching the ME Foundation.
Adding to the rumors, on December 20, an account named “OpenSea Foundation” posted:
The ocean enters the chat.
This was widely interpreted as a reference to a potential OCEAN token. The account, created in May, only follows OpenSea’s official handle, further fueling speculation.
OpenSea 2.0 and Rising Expectations
The NFT community has long requested OpenSea to launch a token, with speculation peaking in November when OpenSea announced a waitlist for its redesigned marketplace, OpenSea 2.0.
Devin Finzer, OpenSea’s CEO and co-founder, hinted at a fresh direction for the platform, writing:
“Sometimes, to truly innovate, you need to take a step back and reimagine everything.”
Early users of OpenSea 2.0’s beta program have reported new features, sparking further speculation about an airdrop. While no token details have been officially confirmed, prediction markets such as Polymarket indicate growing confidence in an OpenSea token launch.
For instance, the likelihood of OpenSea releasing a token before the end of 2024 is now estimated at nearly 60%, a figure that surged following the OpenSea Foundation post. The chances of a token launch by April 2025 are even higher, reaching 82%.
Could OpenSea Follow Its Competitors?
With competitors like Magic Eden and Blur successfully leveraging airdrops to capture user attention and loyalty, OpenSea is under pressure to respond. By registering a foundation and teasing users with cryptic posts, the NFT marketplace may be signaling its move toward launching a token airdrop.
For now, traders and NFT enthusiasts are keeping a close eye on OpenSea for further developments, hoping for a token announcement that could reshape the competitive landscape of NFT marketplaces.
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