Johnweth, a famous NFT trader, provided details about OpenSea V2’s beta version. Explaining his optimism on the upcoming future of the OpenSea, he expressed what he likes about the ecosystem.
According to him, the ecosystem will launch a loyalty program, top bidders will receive point upgrades, and users who supply liquidity in the top NFTs will receive some sort of reward.
OpenSea To Launch a Native Token?
The new development in OpenSea’s offerings has made many in the industry speculate that OpenSea may also introduce tokens.
This was also hinted by a mysterious tweet published recently, where it alluded to a “new OpenSea” that would launch in December 2024.
Despite the NFT platform’s clear indications in the past that it would pursue an IPO, initial speculation points to an OpenSea airdrop token.
OpenSea is the only major NFT marketplace that has not yet introduced a token. A live token is available on Blur, LooksRare, X2Y2, Tensor, and Sudoswap, and Magic Eden has stated that it will launch one in August.
OpenSea’s Token Might Come At A Bad Time
If OpenSea is launching a token, it might be a little off timing given the NFT markets current condition. With total NFT market caps down roughly 97% from their 2022 peaks, NFT markets are in severe decline at present.
Numerous important factors have contributed to the sharp decline of the NFT market, which many have referred to as a bubble burst. This decline in the NFT market was not an isolated incident; rather, it was a component of larger unrest in the digital asset market, which was greatly impacted by major cryptocurrency industry disasters and shifting global economic circumstances.
The demise of the well-known cryptocurrency project Terra Luna was one of the pivotal moments that rocked the digital asset market. Investor confidence in cryptocurrencies and related markets like NFTs declined as a result of its failure, which nearly instantly destroyed billions of dollars in market value. The inherent risks and volatility in these new digital asset classes were highlighted by this incident.
This effect was exacerbated by the FTX disaster. Being a major participant in the cryptocurrency exchange market, FTX’s bankruptcy caused widespread anxiety and a precipitous drop in the value of cryptocurrencies. These tokens were directly impacted by the decline in the cryptocurrency market. Investors had less money to invest in NFTs as a result of the devaluation of cryptocurrencies, which were used in the majority of NFT trading activity.
The ensuing liquidity shortage dealt a serious blow to the NFT market, which is highly dependent on the stability and well-being of the larger cryptocurrency ecosystem.