Nonfungible token marketplace OpenSea has postponed the launch of its native SEA token, which was scheduled for March 30. CEO Devin Finzer cited tough market conditions and stated the token was not yet market-ready, with no new launch date provided. The company also concluded its “Waves” reward program and is offering fee refunds for some recent participants, a move that has drawn questions from the community.
OpenSea has delayed the launch of its native SEA token. “The reality is that market conditions are challenging across crypto right now, and $SEA only launches once,” CEO Devin Finzer posted to X.
The token, announced in October, was part of a plan to transition into a cross-chain “trade everything” app. It was designed to offer discounted trading fees, creator incentives, and community governance.
Finzer stated the company wants to ensure every piece is in place before launching. He confirmed the “Waves” reward program for future token allocation is ending.
Participants in Waves 3, 4, 5, and 6 can opt for refunds on platform fees retained during those periods. This decision has prompted some users to question why refunds are not available for Wave 1 and 2 participants.
Data shows OpenSea’s combined token and NFT volume hit a four-year peak of $3.3 billion during Wave 1 in October. Volume then fell to $705 million in November during Wave 2.
Finzer noted the company is building a new mobile app to drive its broader strategy. “We’re here for the long game,” he stated.
The delay coincides with a significant NFT market downturn. The total NFT market cap has fallen more than 50% to $1.62 billion since mid-January.
OpenSea has generated more volume from tokens than NFTs for six consecutive months. Its monthly NFT volume is now consistently below $500 million.
The sector has seen other closures, including marketplaces Rodeo and Nifty Gateway announcing in January they would wind down operations.
