OpenSea has finally officially announced the issue coin. Can it save this former NFT leader?

Author: shushu

OpenSea's token issuance is imminent, which could be your latest but most promising airdrop opportunity. Last night, OpenSea announced that its upgraded platform OS2 is officially online, marking the countdown to the issuance of the $SEA token. The official announcement has clarified that future airdrops will be distributed based on users' historical contributions, current on-chain behavior, and XP points in the Voyages task system.

This article will help you quickly master how to complete the latest task update of OpenSea, covering basic operations such as gallery creation, cross-chain trading, and NFT purchases, as well as analyzing the incentive logic behind $SEA and the motivations for the platform's transformation.

Transforming into cryptocurrency trading and launching a token incentive program

On May 30, OpenSea officially ended its closed beta phase and released its newly upgraded platform, OpenSea 2 (OS2), to the public, marking a key step in the transformation of the long-established NFT marketplace to a broader crypto asset ecosystem. The new platform currently supports token trading on 19 blockchains, with functions ranging from NFT minting to cross-chain token exchange, and a user incentive system called "Voyages" will be launched at the same time.

Devin Finzer, co-founder and CEO of OpenSea, stated in an announcement that OS2 is not just a simple iteration but "the foundation of the next generation of OpenSea's technology and experience." Finzer pointed out that the new platform aims to create a comprehensive trading platform that spans multiple chains and serves different communities, no longer limited to NFT trading but fully embracing various forms of on-chain assets, including standard tokens.

As an important part of this upgrade, OpenSea has launched a new user incentive mechanism. Users will earn XP (experience points) after completing operations on the platform such as creating NFT showcase pages, cross-chain trading, and bulk purchases. These points will be redeemable for OpenSea's upcoming native token - $SEA.

According to OpenSea's Chief Marketing Officer Adam Hollander, the airdrop of $SEA will be officially launched through TGE after a series of key product releases are completed. Hollander candidly stated in a blog, "We fully understand the community's expectations for the $SEA airdrop, but this is not a typical token issuance; it is a core event that will determine the next phase of OpenSea's ecological mechanism."

Currently, OpenSea has not announced a specific timeline for the TGE, but it has made it clear that three types of behavior will affect users' airdrop weight:

1. Historical contribution, which refers to the user's trading activity on OpenSea in the past;

2. Current behavior, including actual usage on the new platform, especially activities related to token trading;

3. XP points obtained through the Voyages task system.

It is worth noting that "Voyages" is not a simple task check-in mechanism, but a reward system divided into five rarity levels (Common, Uncommon, Rare, Epic, Legendary). Some premium missions will also unlock special bonus items called "Treasures", which will be recorded directly on the user's profile page as a proof of their participation and contribution.

In addition, OpenSea has also restructured its Discord community, aiming to make it the hub for Web3 users' communication and feedback. According to the official announcement, the community channels have been significantly streamlined, and mechanisms such as identity grouping, themed interviews, and real-time voice interactions have been introduced to enhance user engagement and governance participation.

OpenSea stated that OS2 is just the first step in the platform's transformation. In the future, it will continue to expand support for chains, introduce more asset classes, and promote a deep integration of user incentives, community governance, and platform economic models while ensuring decentralized principles. According to Devin Finzer, the launch of $SEA is not only a mechanism leap for OpenSea itself but could also become an important watershed for Web3 applications moving from a single scenario to a diversified economic system.

Interactive Tutorial

Before the official launch of the SEA token TGE, OpenSea is actively encouraging users to deeply experience its new platform OS2 through a series of interactive tasks. Starting from May 30, the official team has initiated a new round of the Voyages event, where users can earn XP points by completing on-chain interactive tasks and accumulate qualifications for future redemption of $SEA. This is also seen as a core entry point for participation before the TGE, especially against the backdrop of Blur's historical context of incentivizing large-scale airdrops through trading behaviors, leading to generally high community expectations for OpenSea's current round of rewards.

The task flow of this update is relatively simple, making it suitable for all users to get started quickly:

Task 1: Create a personal gallery

After entering OpenSea OS2, users can create their own NFT showcase page through the "Gallery" feature. Simply upload collections and edit the introduction to complete this task, which is a fundamental step for accumulating XP.

Task 2: Conduct on-chain token transactions

Complete a token exchange operation of no less than 5 US dollars on the Solana chain (for example, exchanging SOL for USDC), with a very low fee of approximately 0.1 US dollars, which helps to familiarize yourself with the cross-chain trading experience of OS2.

Task 3: Purchase an NFT priced around 5 dollars.

Select any NFT with good liquidity and small price fluctuations for purchase. It is also recommended to complete this on the Solana chain, balancing low costs and high efficiency.

Task Four: Social Interaction

Completing the official designated tasks of liking and sharing according to the event requirements helps to synchronously enhance community engagement.

It is worth mentioning that OpenSea initially charged account opening fees and has borne countless users' sentimental memories of entering Web3. In light of Blur's aggressive airdrop as a cautionary tale for the market, this round of $SEA distribution is seen as OpenSea's "redemption" back to the community. As the activities continue to update, community users have expressed that they will create tutorials and share strategies around each round of tasks, positioning themselves as potential winners of this airdrop.

The Rise and Fall of Opensea

After announcing the official launch of OS2 and the upcoming token airdrop mechanism, OpenSea is once again in the spotlight of the crypto world. However, to understand why this NFT marketplace creator, once valued at $13.3 billion, needs such a comprehensive self-reconstruction, it is worth reviewing its ups and downs over the past seven years.

OpenSea's story began in the early days of blockchain in 2017. Then-founders Devin Finzer and Alex Atallah were still exploring the idea of sharing Wi-Fi through cryptocurrency, until the popularity of CryptoKitties sparked a rethink of the potential of NFTs. In early 2018, the duo officially founded OpenSea, and after joining Y Combinator, they successfully raised their first round of funding. At that time, the NFT market was still wild, and OpenSea was once tied with competitors such as Rare Bits.

The early days of OpenSea were not easy. Before 2020, its platform trading volume remained at the million-dollar level for years, relying on a streamlined team and focused strategy to maintain operations. It wasn't until the NFT bull market arrived in 2021 that OpenSea experienced explosive growth. That year, Beeple's digital artwork sold for a high price of $69 million, and series like Bored Ape Yacht Club (BAYC) ignited market sentiment, with OpenSea's monthly trading volume surpassing $3 billion in the summer of that year, and reaching a historic high of $5 billion in a single month by the end of the year.

OpenSea also stepped into the spotlight. In 2021, a $100 million financing led by a16z raised its valuation to $1.5 billion. At the beginning of 2022, a new round of financing further lifted its valuation to $13.3 billion, making it the undisputed absolute leader of the NFT market.

But then came the ebb and flow of the market and management dilemmas. On the one hand, the popularity of NFTs has plummeted since the beginning of 2022, and on the other hand, OpenSea's reputation has also been hit by negative news such as insider trading, downtime accidents, and user security incidents. What's more, after Blur came out of nowhere at the end of 2022, OpenSea's share of the professional trader market was quickly eroded. Emerging platforms have launched a "vampire attack" on OpenSea with lower fees, faster execution, and token incentives.

Starting in 2023, OpenSea has consecutively initiated layoffs and restructuring efforts to alleviate cost pressures and reorganize its product roadmap. At that time, its market share had plummeted from a peak of 95% to less than 30%. The original plan for an IPO also stalled due to community sentiment and regulatory pressures. Finzer ultimately decided to completely abandon the path of a "traditional tech company" and return to the origins of Web3—issuing tokens.

Once the news was announced, the trading volume on OpenSea's platform experienced a long-awaited surge. However, with the controversy surrounding the airdrop mechanism, the enthusiasm for interaction brought on by the token issuance quickly cooled down.

The launch of the SEA token is not just OpenSea's "self-rescue"; it signifies that the platform has finally chosen to rebind with users after a repeated tug-of-war between commercialization and community trust. The success or failure of this radical strategic restructuring will determine whether OpenSea can rise again from its silence and will also reshape the future competitive landscape of the entire NFT market.