OpenSea has delayed the launch of its much-watched SEA token, with co-founder Devin Finzer saying the company does not want to force a debut in difficult crypto market conditions. The OpenSea Foundation had planned to take the first step toward the token rollout during a March 30 event, but that timeline has now been pushed back.
In a post on X, Finzer acknowledged the decision plainly, saying a delay is still a delay. He said the foundation considered sticking with the original date, but decided that SEA “only launches once,” making extra preparation time the better choice if the goal is to meet community expectations at launch.
Current rewards structure is being phased out
OpenSea also used the update to outline changes to its rewards program. The company said the current rewards wave will be the last under the existing structure. Users who traded during rewards waves three through six will be allowed to opt in for refunds of the platform fees OpenSea kept during that period.
That option comes with a trade-off. Users who accept the refund will have the related Treasure rewards removed from their accounts. Users who keep their Treasures will still have them counted for allocations at the token generation event.
Fee cut starts March 31
The team also said OpenSea will reduce its own token trading fees to 0% for 60 days starting March 31. The move is meant to encourage users to try the company’s revamped platform.
Finzer said the foundation will not announce a new SEA launch schedule until it can present a clear and deliberate timeline. He added that the company’s ambitions extend beyond a token release, pointing to its focus on improving the mobile experience for non-custodial crypto products.