Original Article Title: "OpenSea Token Launch Delayed Again, How Will the Script Change?"
Original Article Author: Asher, Odaily Planet Daily

It was thought that OpenSea was about to launch its token, but unexpectedly, a final reward event before the TGE was organized, which was also split into multiple phases: Wave 1 just ended, followed immediately by Wave 2 going online.

According to official information, since the launch of the final reward event before the TGE, the platform's total trading volume has exceeded $2 billion. Therefore, the Wave 1 stage reward currently includes NFTs and tokens worth $12.2 million, and the rewards have already been distributed. In addition, the Wave 2 stage started on October 15th, and until November 15th, 50% of the platform fees will continue to be used to fund a new reward pool, and introduce $1 million worth of OP, SOMI, and ETH tokens as the initial reward pool.

What disappointed the community was that the rewards in Wave 1 are almost impossible to break even with, only receiving badges of different levels, hoping to redeem more SEA tokens during the TGE. For example, for an Amethyst-level loot box costing over $310, the value of the airdropped tokens received is only about $110, far below the player's input cost, with a severely insufficient return on investment.

Moreover, the situation with loot boxes of other levels is similar—high-cost inputs result in generally low reward values, and the usability of badges and the quantity of SEA tokens to be redeemed in the future remain uncertain. This means that even if players actively participate in "loot boxing," the actual returns may not cover the costs in the long run, posing a risk of negative ROI.

Reward Situation upon Opening an Amethyst-level Loot Box

From the data, it is evident that user enthusiasm for the "loot boxing" activity has significantly decreased, with many already choosing to opt-out of participating in the Wave 2 reward event. On-chain data shows that since the end of the Wave 1 rewards distribution, OpenSea platform's swap transaction volume has seen a steep decline, indicating a significant reduction in market activity.

OpenSea Hourly Swap Transaction Data

It is not difficult to see that OpenSea's reward design before the TGE not only failed to effectively incentivize community participation but instead led to a decrease in activity, demonstrating the community's dissatisfaction and resistance to its incentive mechanism.

So, for OpenSea, which has missed countless opportunities for token issuance, when will it finally conduct a true TGE?

OpenSea CEO: Plans to Launch SEA Token in Q1 2026

Yesterday, OpenSea CEO Devin Finzer posted on X platform stating that the plan is to launch the SEA token in Q1 2026. The introduction of SEA will provide users with more utility, including a staking function where users can stake SEA behind their favorite tokens and collectibles. In addition, there are several points worth noting in the statement:

· Only 50% of the airdropped tokens will be unlocked at TGE. 50% of SEA's total supply will be distributed to the community, with the initial claim unlocking 50%.

· The final reward event before participating in the TGE will be given special consideration at the TGE, although no clear commitment has been provided. Users participating in the OpenSea reward program and OG users will be given special consideration.

· 50% of OpenSea's platform revenue will be used to purchase SEA at TGE, aiming to ensure the token's value and the healthy development of the ecosystem.

In addition, based on community feedback, OpenSea may soon launch perpetual contract functionality, which may be factored into the new reward program, allowing users to earn points by "volume farming" and participate in token airdrops.

Pay Proper Attention, Control Expectations, and Avoid Getting Too Excited

Today's NFT ecosystem is already stagnant, and few people truly believe that OpenSea's token issuance will bring about a "renaissance," let alone reshape the future of the NFT market. More people tend to think that OpenSea is here to squeeze out the last bit of liquidity from the NFT track.

At the same time, OpenSea continues to string along users and is not easily allowing the "carpet farmers" to profit from this final liquidity event. The token release date keeps getting postponed, and even though the official plan is to release the token in Q1 2026, it may be delayed until the end of the quarter, or even various bizarre reasons may be given to further extend the deadline.

Therefore, for the just-ended TGE's final reward event in Wave 1, currently, the earnings from opening loot boxes are likely to be low. Although participants can redeem tokens at TGE through badges, there are two major risks: a long breakeven period and the possibility of a large number of similar tasks appearing between now and TGE, causing the badge's value to drop and potentially resulting in a negative return on investment.

Overall, these types of events can be participated in moderately, but costs and wear and tear must be controlled, and one must not have overly high expectations. Just think: "During OpenSea's heyday, when they are not releasing tokens or even thinking about going public, they didn't really care about their users; now that it's all over, they don't even have time for themselves, so how could an airdrop ever come your way?"

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