30s Summary

OpenSea, the popular NFT marketplace, is rumoured to be planning to release its own digital coin in an ‘airdrop’, after it registered in the Cayman Islands. Some speculations have been sparked about a big comeback by the platform, with the CEO hinting towards a significant update by December. While no official announcement has been made, the expectation of an airdrop as a possible user loyalty reward is gaining ground. OpenSea’s rivals Blur and Magic Eden had previously issued their tokens as user incentives, however, the latter’s coin value plummeted soon after the launch.

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There’s been a buzz recently around OpenSea, a popular NFT (non-fungible token) marketplace. The buzz started when rumor spread about OpenSea getting registered in the Cayman Islands, leading many to speculate if it’s planning to launch its own digital coin and give some of it away free to its users in what’s called an airdrop. This speculation was stirred up by a researcher who goes by the name Waleswoosh. He posted a screenshot of OpenSea’s registration, which got the conversation going.

Back on November 4th, the head honcho at OpenSea, Devin Finzer, said that they were planning a big comeback. He was a bit vague on the details, but did say the new and improved platform would be up and running by December. This got some people wondering whether this “comeback” might include an airdrop, but others were skeptical, thinking it was highly unlikely given OpenSea operates in the U.S., where things like this can be a bit tricky.

Now although OpenSea hasn’t actually announced an airdrop, people are pretty convinced this might happen, thanks to the Cayman Islands registration. The community manager at Matter Labs, who goes by the nickname “Golem”, is hoping for OpenSea to reward its early users with an airdrop, which he thinks could make things a lot better for everyone involved. Another user also expressed their desire for an airdrop as a token of gratitude for their loyalty to OpenSea.

However, one user did ask a valid question – will the airdrop consider the huge trading volumes seen in 2021 and 2022, given how massive the NFT market has grown during that period. If OpenSea goes the way of other platforms like Blur and Magic Eden, they could offer tokens as incentives for users’ participation.

It’s worth remembering that OpenSea has tried making up for lost ground to its NFT rivals with some new policies. For instance, back on February 18, they got rid of fees to bring back users who’d switched to Blur. Despite this, Blur still leads the pack in terms of NFT trading, followed by OpenSea and OKX. Blur even gave away tokens to users at the end of trading seasons, with one user reportedly earning up to $11 million in Blur tokens after rewards were given out in 2023.

Magic Eden followed in Blur’s footsteps, promising their users a similar airdrop. However, their digital coin crashed in value almost immediately after being launched.

OpenSea has yet to respond to comment about the rumors. So, will there be an OpenSea airdrop in the near future? We’ll just have to wait and see.