Devin Finzer, co-founder and CEO of OpenSea, the largest non-fungible token (NFT) marketplace, announced on Friday that the platform is reinventing itself to “trade everything.”
Founded in 2017, OpenSea is the largest NFT marketplace with a market share of over 55% at the time of writing, according to data from NFTScan. Its trading volume crossed $2.6 billion this month, according to Finzer.
OpenSea wants to become a one-stop destination for onchain activity
In an X post, Finzer noted that “NFTs were chapter one for us.” The platform was largely responsible for introducing digital collectibles to everyday internet users, he stated, adding:
By everything, Finzer meant “tokens, culture, art, ideas, the digital and the physical.” The platform aims to be an online hub that “feels like a home, not a bank.”
The platform’s goal is to ensure that users do not have to navigate through different chains, bridges, wallets, and protocols to access onchain liquidity, but trade every asset seamlessly on one platform.
OpenSea will launch its token in Q1 2026
The OpenSea Foundation will launch its native token, SEA, in the first quarter of 2026. While several platforms have launched their tokens to little success, Finzer noted that SEA is not being “created to be launched and forgotten.”
Finzer pointed out that 50% of the token’s supply will be allocated to the community. More than half of this supply will be awarded via an initial claim.
Original members of OpenSea and those who participated in the platform’s rewards programs will be “meaningfully considered” and rewarded separately, Finzer noted. He did not, however, delve into the details of how the reward system would work.
Additionally, Finzer noted that OpenSea will use 50% of its revenue at launch to purchase its native token.
The SEA token will be “deeply integrated” with the platform. This includes the ability of users to stake SEA against their favorite tokens and collections.
OpenSea’s transformation also involves plans to launch a mobile application, which is currently in the ‘closed alpha’ phase of development. The mobile app will be geared towards ensuring that both old and new users get the best experience, Finzer noted while chatting in an X Spaces conversation.
Furthermore, the platform is also working on enabling perpetual futures trading, although it is in early stages of development.
Source: https://cryptoslate.com/opensea-is-evolving-to-become-a-platform-to-trade-everything-set-to-launch-token-in-2026/
