Original | Odaily Planet Daily (@OdailyChina)
I thought OpenSea would soon launch its token, but instead, they organized a final reward event before the TGE, which has been split into multiple phases: Wave 1 has just ended, and Wave 2 is now live.
According to official information, since the launch of the final reward event before the TGE, the platform's cumulative trading volume has exceeded $2 billion. Therefore, the rewards for Wave 1 currently include NFTs and tokens worth $12.2 million, which have already been distributed. Additionally, Wave 2 started on October 15 and will run until November 15, during which 50% of the platform fees will continue to fund a new reward pool, and an initial prize pool of $1 million in OP, SOMI, and ETH tokens will be introduced.
Disappointingly for the community, the rewards from Wave 1 are nearly impossible to recoup, as they only issued badges of different levels, hoping to exchange for more SEA tokens during the TGE. For example, the Amethyst-level chest, which costs over $310, has airdropped tokens worth only about $110, far below the players' investment cost, resulting in a severely inadequate return on investment.
Moreover, the situation is similar for other levels of chests—high-cost investments yield generally low-value rewards, and the practicality of the badges and the quantity of SEA tokens available for future exchange remain uncertain. This means that even if players actively participate in "opening chests," their actual earnings may long fail to cover costs, posing a risk of being exploited.
Reward situation for opening Amethyst-level chests
Data shows that user enthusiasm for the "opening chests" activity has significantly declined, with many choosing to forgo participation in the Wave 2 reward event. On-chain data indicates that since the end of the Wave 1 rewards distribution, the Swap trading volume on the OpenSea platform has plummeted, indicating a marked decrease in market activity.
OpenSea hourly Swap trading data
It is evident that OpenSea's reward design before the TGE has not only failed to effectively incentivize community participation but has also led to a decline in activity, reflecting community dissatisfaction and resistance to its incentive mechanisms.
So, after missing countless opportunities to launch a token, when will OpenSea finally conduct its TGE?
OpenSea CEO: Plans to Launch SEA Token in Q1 2026
Yesterday, OpenSea CEO Devin Finzer posted on the X platform, stating that they plan to launch the SEA token in Q1 2026. The launch of SEA will provide users with more utility options, including staking features, allowing users to stake SEA behind their favorite tokens and collectibles. Additionally, there are a few points worth noting in the statement:
- Only 50% of the airdropped tokens will be unlocked during the TGE. 50% of the total supply of SEA will be allocated to the community, with the initial claim unlocking 50%.
- Participation in the final reward event before the TGE will be given special consideration during the TGE, but no explicit commitments were made. Users participating in the OpenSea reward program and OG users will be prioritized.
- 50% of OpenSea's platform revenue will be used to purchase SEA at the TGE, aiming to ensure the token's value and the healthy development of the ecosystem.
Furthermore, based on community feedback, OpenSea may soon launch perpetual contract features, which could be factored into the new reward program, allowing users to earn points by "boosting trading volume" for token airdrops.
Appropriate Attention, Control Wear and Tear, Don't Have Too High Expectations
The current NFT ecosystem has become stagnant, and it is unlikely that many truly believe that OpenSea's token launch can bring about a "second rise," let alone reshape the future of the NFT market. More people tend to view OpenSea as the entity draining the last bit of liquidity from the NFT space.
At the same time, OpenSea continues to manipulate users, making it difficult for "profit-seekers" to earn this last bit of liquidity. The token launch timeline keeps getting pushed back; even if the official statement plans for a Q1 2026 launch, it could be delayed until the end of the quarter, or various bizarre reasons could be given for further postponement.
Therefore, for the recently concluded Wave 1 phase of the final reward event before the TGE, the returns from opening chests are likely to be low. Although participants can exchange tokens during the TGE using badges, there are two major risks: first, the payback period may be long; second, there may be a large number of similar tasks from now until the TGE, leading to a decrease in badge value, and ultimately, returns may be diminished.
Overall, such activities can be participated in moderately, but it is essential to control costs and wear and tear, and not to have overly high expectations. Just imagine: "OpenSea didn't launch a token during its peak, and even thought about going public, which shows they never cared about users; now that it's over, they can't even take care of themselves, how could airdrops possibly come your way?"
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