OpenSea delays SEA token launch, offers no new date

OpenSea has postponed the launch of its anticipated SEA token, as confirmed by CEO Devin Finzer on Monday. The initial launch was planned for a March 30th event, but The OpenSea Foundation is pushing back the timeline, citing challenging market conditions across the crypto space and the importance of ensuring all components are ready for the single launch event. Finzer acknowledged the delay directly, stating, "A delay is a delay." Previously, the token generation event was slated for a first-quarter launch this year. Fifty percent of the total SEA supply is earmarked for OpenSea's community, including OG users and participants in the current rewards program, which Finzer noted will be the last wave. When initially announced, OpenSea detailed that 50% of platform revenue would fund token buybacks at launch, and users would be able to stake SEA tokens behind their preferred tokens and collections as the platform transitions into a multi-chain trading hub and perpetual futures protocol.

(Source：The Block)