OpenSea delays launch of SEA token, citing challenging crypto market conditions

OpenSea co-founder Devin Finzer said Monday that the timeline for the launch of the highly anticipated SEA token is being pushed back, as the company seeks to ensure the rollout is fully prepared rather than forcing a debut amid difficult crypto market conditions.

The OpenSea Foundation had planned to take the first steps during a March 30 event but decided to delay. “A delay is a delay. I’m not going to dress it up, and I know how it lands,” he wrote, adding that SEA “only launches once.” As part of the update, OpenSea said it will wind down its current rewards campaign structure, confirming the ongoing rewards wave will be the last.

Users who traded during rewards waves three through six can opt in to refunds for the platform fees OpenSea retained during that period; choosing a refund will remove the “Treasure” rewards tied to those waves, while those who keep their Treasures will still have them considered for allocations at the token generation event.

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