OpenSea announces SEA token launch, confirming US user eligibility and token distribution emphasizes historical platform usage

February 13, 2025 – Leading non-fungible token (NFT) marketplace OpenSea has announced plans to launch its own token, SEA, with eligibility for US users.

OpenSea Foundation on X: "$SEA is coming. Here are a few things to know: • Historical OpenSea usage, not just recent activity, will be an important ingredient • Claim process will be simple and accessible. US users welcome.

The move is part of a broader effort to revamp the platform and foster long-term community engagement, according to a statement from the OpenSea Foundation.

Unlike typical airdrops that reward recent activity, OpenSea’s SEA token allocation will prioritize historical platform usage.

The foundation emphasized that this approach is designed to reward loyal users rather than those engaging in short-term trading to qualify for distributions.

While the exact launch date remains undisclosed, the foundation assured users that the claim process would be streamlined and user-friendly to maximize accessibility.

The announcement follows OpenSea’s decision to establish its foundation in the Cayman Islands, fueling speculation in recent months about a potential token launch.

The SEA token launch comes amid changing cryptocurrency regulations in the United States.

In August 2024, OpenSea faced scrutiny from the Securities and Exchange Commission (SEC), which issued a Wells notice alleging that certain NFTs on the platform might qualify as unregistered securities.

In response, OpenSea pledged $5 million to assist NFT creators in navigating regulatory challenges.

The regulatory landscape has since shifted following President Donald Trump’s inauguration on January 20, 2025.

Trump has signaled a pro-crypto stance, pledging to make the US a hub for digital assets.

His administration has nominated crypto-friendly leaders to head key regulatory bodies, raising expectations that enforcement actions against the industry could be scaled back.

The SEA token launch coincides with OpenSea’s broader platform overhaul.

CEO Devin Finzer introduced OS2, a new version of the marketplace that he described as “built from the ground up” to refocus on user needs.

dfinzer.eth | opensea on X: "A lot is changing at @opensea: • We're rolling out OS2 — a brand new OpenSea built from the ground up. NFTs 🤝 tokens. • $SEA is coming from @openseafdn • We're changing policies that didn’t make sense for web3: re-enabling locked items and delisted collections, and removing" 

OS2’s new features include re-enabling previously locked items, reinstating delisted collections, and removing unnecessary bans.

The revamp aims to restore OpenSea’s position as Web3’s leading NFT marketplace.

Since launching in 2017, OpenSea has operated across more than 10 blockchain networks and generated nearly $1 billion in fee revenue, according to Dune Analytics.

OpenSea’s SEA token launch follows the recent debut of PENGU, the project token for the Pudgy Penguins NFT collection.

PENGU initially launched with a market capitalization of approximately $3.5 billion before declining to around $620 million, according to CoinGecko data. While its specific use case remains unclear, the token is expected to play a role in the project’s governance.

With SEA’s upcoming launch, OpenSea aims to leverage similar momentum while positioning itself for long-term growth in the NFT and cryptocurrency space.