OpenSea Expands into Crypto Trading with OS2 Platform
OpenSea, the renowned non-fungible token (NFT) marketplace, announced on Thursday its significant expansion into the realm of crypto trading. The company confirmed plans to distribute SEA tokens to its users as part of this new venture. The newly introduced trading platform, known as OS2, officially launched today and aims to aggregate various marketplaces, facilitate cross-chain purchasing, and provide lower fees initially, as detailed in the protocol’s press release.
“This marks a pivotal moment for OpenSea as we transition from a traditional NFT marketplace to a comprehensive platform for trading all types of digital assets,” stated Devin Finzer, Co-founder and CEO of OpenSea. “We believe that tokens and NFTs should coexist in a unified, powerful, and enjoyable experience for our users.”
The OpenSea Foundation, which operates as a development organization based in the Cayman Islands, will oversee the distribution of SEA tokens, which will offer various utilities on the OS2 platform. While the specific details and timeline for the airdrop remain under wraps, OpenSea has confirmed that SEA tokens will be awarded to both active users and those who have supported the platform since its inception. Importantly, users based in the US will also be eligible for the airdrop.
OpenSea has emphasized that the utility of SEA tokens will prioritize long-term engagement over short-term speculation, aligning with their commitment to fostering a sustainable community. However, it should be noted that the platform’s monthly trading volume has seen a considerable decline from its peak of $5 billion in early 2021, with the latest figures indicating $190 million worth of NFTs traded last month. Additionally, the platform’s annualized revenue currently stands at approximately $33 million, according to data from Dune Analytics.
