OpenSea Expands Into Crypto Trading, Foundation Announces SEA Token Airdrop

NFT marketplace OpenSea has completed the public rollout of its new trading platform, OS2, expanding into cryptocurrency trading alongside plans for a SEA token airdrop.

The OS2 platform aggregates various marketplaces, enables cross-chain purchasing, and initially offers lower fees, according to the company's press release. Meanwhile, the OpenSea Foundation, based in the Cayman Islands, will oversee the launch of the SEA token, which is set to drop sometime in the future.

Notably, US users will be included in the SEA airdrop. The OpenSea Foundation emphasized that the SEA token will focus on fostering long-term engagement.

This move comes as OpenSea seeks to revamp its platform amid a significant decline in trading volume. The platform's monthly trading volume has decreased from a peak of $5 billion in January 2022 to just $195 million last month, according to data from Dune.

Devin Finzer, co-founder and CEO of OpenSea, stated that OS2 marks OpenSea’s evolution from a dedicated NFT marketplace to a comprehensive platform for trading all digital assets.

"We believe tokens and NFTs belong together in a single, powerful, and seamless experience," he said.

NFT-Crypto Convergence

Ben James, Founder of Bittensor Subnet 17 at 404, views OpenSea’s move as part of a larger shift toward the merging of NFT and crypto markets.

James noted that by integrating direct crypto trading, OpenSea is positioning itself as a broader digital asset hub, competing not just with NFT-focused platforms but also with major crypto exchanges.

“It also shines a light on the future of NFT marketplaces and what's next for them – will they remain niche or will they evolve into eventual crypto trading platforms,” he said.

OS2 Upgrade

OpenSea’s new OS2 platform goes beyond NFTs, adding token trading and cross-chain purchases so users can buy assets across blockchains without extra steps. Marketplace listings are aggregated so users get the best pricing, and support for more blockchains is on the way, the press release noted.

The update also improves search, sorting, and analytics, making it easier to track rarity and market trends. Other features include a cleaner interface, faster navigation, and a wallet sidebar to simplify trading. OpenSea has also introduced an XP rewards program “designed to benefit users of the platform.”

Early access to the platform was given to Gemesis NFT holders two weeks ago.

Retroactive Airdrop

The OpenSea Foundation confirmed the upcoming launch of the SEA token in a post on X on Thursday, emphasizing a fair and inclusive distribution process. The foundation also noted that “historical OpenSea usage, not just recent activity, will be an important ingredient.”

No official launch date has been provided for the airdrop just yet, with the team saying that it is taking lessons from past token launches to ensure a well-executed rollout.