OpenSea users are raising questions about the possibility of a Token launch following a vague post on the company’s X account. The community is divided over whether the event will gain traction or be a final straw.
Trading volume on this NFT exchange has decreased significantly, and may face a legal battle from the SEC.
OpenSea Token Launch: Mistake or Scam?
Today, NFT exchange OpenSea posted status line, “so… how long have you been using OpenSea?” on my official X account. Feedback from the community immediately predicted that this could lead to a Token launch. The exchange hit a three-year low in April, and it appears its best chance to launch has passed:
Several prominent commentators in the NFT space have questioned OpenSea’s intentions and motivations. For example, user Loopify, founder of the web3 project, confirm that the company is “famous for making some of the worst decisions in the NFT space.” He also stated that a failed launch would destroy any remaining goodwill from the community. STIX founder and CEO Taran Sabharwal also frankly than:
“Rumor has it that your founding team left through secondary sales. Core staff left because you didn’t launch Token in 2021. Launch Token now and see it all [crypto Twitter] turn away from you. Please make it a free coin event for everyone, a final farewell to OpenSea,” Sabharwal declared.
In other words, he hinted that OpenSea’s remaining team was trying to take advantage of one last round of exhortation before committing a scam, similar to the accusations that Ren Protocol faced last month.
Another similarity is that in early October, OpenSea made informal commitments to launch the 2.0 platform in October 2. However, the company has not released any further details since then.
Some other community members disagree with the idea that OpenSea is planning a move behind its back. For example, crypto marketer Danny Dope speak“the company is definitely not growing,” but the Token launch could reignite interest.
“OpenSea has the opportunity to make a move that has huge benefits when evaluating legacy trading volumes. I just think they need a big USP to get people to trade there, more than the interface improvements which would certainly be valuable,” noted NFT collector Rahim Mahtab write on X.
Regardless of the company’s motives, it is clear that they are in a difficult position. Earlier this year, the SEC sent a Wells Notice to OpenSea. Even if the next SEC chairman is more sympathetic to the crypto industry, that won’t mean helping a struggling NFT exchange. Between the decline in interest and the legal troubles, it is not difficult to understand why many commentators predict the end for OpenSea.