OpenSea has delayed the launch of its long-awaited SEA token, CEO Devin Finzer said Monday.
“The team has been building at full speed, and the foundation had planned to kick off the first steps as part of our March 30th event, but The OpenSea Foundation is pushing back the timeline,” Finzer posted to X.
No new target date for the token launch was given.
“A delay is a delay. I’m not going to dress it up, and I know how it lands,” Finzer added. “The reality is that market conditions are challenging across crypto right now, and SEA only launches once. The OpenSea Foundation could force the original date, or we could ensure every piece is in place and make this moment what this community deserves.”
Last October, the platform revealed details about the SEA token generation event, which was slated for a first-quarter launch this year.
Fifty percent of the total supply was said to be earmarked for OpenSea’s community, including both OG users and participants in the current rewards program. Finzer also said Monday the “current rewards wave will be our last.”
When announced last year, OpenSea said 50% of the platform’s revenue would be used for token buybacks “at launch,” and users would be able to stake SEA tokens “behind their favorite tokens and collections.”
OpenSea has been working on transitioning from an NFT marketplace into a multi-chain trading hub and perpetual futures protocol.
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