OpenSea Activity Picks Up on Token Speculation

OpenSea, the leading NFT marketplace during the 2021 NFT boom, is picking up steam again as rumors swirl surrounding a potential token launch.

The platform recorded $7.5 million in volume over the last three days, its best 3-day period since July.

The NFT marketplace sector has been dominated by Blur since its token launch in February 2022, with the Paradigm-backed NFT buying, selling and lending platform commanding a 48% market share compared to OpenSea’s 18%.

Rumors and speculation began to swirl surrounding OpenSea and a potential token launch after the platform shared a marketing teaser on social media on Nov. 4 that said, “A new OpenSea is coming. December 2024.”

The rumors intensified on Nov. 13 after it was reported that the “NFT platform Opensea Likely to Announce Token Plans in December.” 

It also appears that the December launch will include a form of points farming, potentially similar to Blur’s past campaigns. However, OpenSea CEO Devin Finzer quickly squashed comparisons, saying that OpenSea’s new update is “definitely not blur 2.0”.

Despite the claims, an OpenSea v2 early access user published his experience with the platform so far, drawing attention to a new homepage that includes top collections’ price movements and a leaderboard that is presumably related to points.

But to many NFT collectors' delight, it appears there will be retroactive rewards for those who have engaged with the platform in the past.