{
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        "rendered": "OpenSea postpones SEA token launch, citing \u2018challenging\u2019 conditions"
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        "rendered": "<div data-testid=\"html-renderer-container\">\n<p>Nonfungible token marketplace OpenSea has postponed the launch of its native token SEA, initially slated for March 30, citing tough market conditions and it not being market-ready.<\/p>\n<p>\u201cThe reality is that market conditions are challenging across crypto right now, and $SEA only launches once,\u201d OpenSea CEO Devin Finzer <a title=\"https:\/\/x.com\/dfinzer\/status\/2033637755838992569\" href=\"https:\/\/x.com\/dfinzer\/status\/2033637755838992569\" target=\"_blank\" rel=\"nofollow noopener\">posted<\/a> to X on Monday.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2026-03\/019cf93d-dbd4-7ac3-b8cb-e6c8c645fc80.png\"><figcaption><em>Source: <\/em><a title=\"https:\/\/x.com\/dfinzer\/status\/2033637755838992569\" href=\"https:\/\/x.com\/dfinzer\/status\/2033637755838992569\" target=\"_blank\" rel=\"nofollow noopener\"><em>Devin Finze<\/em>r<\/a><\/figcaption><\/figure>\n<p>The OpenSea (SEA) token, <a title=\"https:\/\/x.com\/dfinzer\/status\/1979200646763929835\" href=\"https:\/\/x.com\/dfinzer\/status\/1979200646763929835\" target=\"_blank\" rel=\"nofollow noopener\">announced<\/a> in October, was touted as part of <a title=\"https:\/\/cointelegraph.com\/news\/opensea-rejects-pivot-from-nfts-trade-everything-onchain\" href=\"https:\/\/cointelegraph.com\/news\/opensea-rejects-pivot-from-nfts-trade-everything-onchain\">OpenSea\u2019s plan<\/a> to transition into a \u201ctrade everything\u201d app across multiple chains, which includes perpetual futures.\u00a0<\/p>\n<p>The SEA token would enable discounted trading fees to users on this platform, in addition to offering creator incentives and community voting. OpenSea users will also be able to stake SEA tied to <a title=\"https:\/\/cointelegraph.com\/news\/doj-drops-opensea-manager-nft-insder-trader-case\" href=\"https:\/\/cointelegraph.com\/news\/doj-drops-opensea-manager-nft-insder-trader-case\">NFT tokens and collections.<\/a>\u00a0<\/p>\n<p>However, Finzer said OpenSea wants to make sure \u201cevery piece is in place\u201d before launching the token rather than to \u201cforce the original date.\u201d There is no new target date for the SEA launch.<\/p>\n<p>Since October, OpenSea users have participated in the \u201cWaves\u201d reward program to be eligible for SEA token allocation. Finzer said that the campaign will be ending.<\/p>\n<p>He also noted that users who participated in Waves 3, 4, 5 and 6 campaigns can opt to receive refunds for the platform fees OpenSea retained during that period, though anyone taking up the option would also lose any Treasure Chest rewards they have earned. Treasures were point-like rewards that OpenSea users earned to win certain prizes.<\/p>\n<p>The move has prompted some users to <a title=\"https:\/\/x.com\/fey_xbt\/status\/2033680779947970828\" href=\"https:\/\/x.com\/fey_xbt\/status\/2033680779947970828\" target=\"_blank\" rel=\"nofollow noopener\">question<\/a> why OpenSea did not make refunds available for Wave 1 and 2 participants.<\/p>\n<p>Dune Analytics <a title=\"https:\/\/dune.com\/rchen8\/opensea\" href=\"https:\/\/dune.com\/rchen8\/opensea\" target=\"_blank\" rel=\"nofollow noopener\">shows<\/a> that OpenSea\u2019s token and NFT volume hit a four-year peak of $3.3 billion in October, which coincided with Wave 1 (which ran Sept. 15 to Oct. 15), and then hit $705 million in November, coinciding with Wave 2 (which ran from Oct. 15 to Nov. 15). <\/p>\n<p>Cointelegraph reached out to OpenSea for comment. <\/p>\n<p><template data-ct-widget=\"buzzsprout\" data-buzzsprout-podcast-id=\"2040516\" data-buzzsprout-episode-id=\"18518100\"><\/template><\/p>\n<h2>OpenSea\u2019s \u201ctrade everything\u201d app<\/h2>\n<p>In October, Finzer said OpenSea\u2019s everything app vision would enable users to trade everything from tokens, culture, art and ideas across multiple chains.<\/p>\n<p>\u201cAll in one place that feels like a home, not a bank,\u201d he said at the time.<\/p>\n<p>OpenSea is building a new mobile app to drive that strategy, Finzer noted on Monday.<\/p>\n<p>\u201cWe\u2019re here for the long game. making all of non-custodial crypto delightful on mobile is just the beginning,\u201d he said. \u201cThat means we have to set a very high bar for everything we do, and it\u2019s why I\u2019m so protective of delivering a launch that\u2019s worthy of this community.\u201d<\/p>\n<p><em><strong>Related: <\/strong><\/em><a title=\"https:\/\/cointelegraph.com\/news\/nft-platform-gondi-secure-after-230k-hack\" href=\"https:\/\/cointelegraph.com\/news\/nft-platform-gondi-secure-after-230k-hack\"><em><strong>NFT lending protocol Gondi says platform secured after $230K exploit<\/strong><\/em><\/a><\/p>\n<h2>NFT market continues to slide<\/h2>\n<p>The delay comes amid a continued NFT market slump. While it started strong in the first two weeks of 2026, rising to a market capitalization of $3.2 billion by Jan. 15, it has since <a title=\"https:\/\/www.coingecko.com\/en\/nft\/global-stats\" href=\"https:\/\/www.coingecko.com\/en\/nft\/global-stats\" target=\"_blank\" rel=\"nofollow noopener\">fallen<\/a> more than 50% to $1.62 billion.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2026-03\/019cf93d-dfa3-7ee7-92de-e209f61313e0.png\"><figcaption><strong><br \/><\/strong><em>Change in NFT market cap over the last three months. Source:<\/em><a title=\"https:\/\/www.coingecko.com\/en\/nft\/global-stats\" href=\"https:\/\/www.coingecko.com\/en\/nft\/global-stats\" target=\"_blank\" rel=\"nofollow noopener\"><em> CoinGecko<\/em><\/a><br \/><\/figcaption><\/figure>\n<p>Data also shows OpenSea has generated more volume through tokens than NFTs for six successive months, including a record $2.8 billion in October.<\/p>\n<p>OpenSea is now consistently seeing less than $500 million in NFT volume on a monthly basis, a fraction of the levels it saw throughout 2021 and 2022.<\/p>\n<p><template data-type=\"markets_outlook\" data-name=\"subscription_form\" data-label=\"Subscription Form: Markets Outlook\"><\/template><\/div>\n<p>Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph\u2019s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy <a href=\"http:\/\/cointelegraph.com\/editorial-policy\">https:\/\/cointelegraph.com\/editorial-policy<\/a><\/p>",
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