OpenSea has unveiled OpenSea 2.0 (OS2) featuring a revamped interface and an XP-based point system. Currently, access is only available to holders of Gemesis NFTs — acquired in 2023 via an airdrop following the platform’s purchase of Gem. Other users can sign up for the waitlist.
Early Access and the New XP System
Rumors about the new platform began circulating in November 2024. The company recently performed a blockchain snapshot, finding 49,785 wallets eligible for early access. Users can earn XP for listing, staking collections, and leaving feedback in Discord. The exact role of XP remains unclear, but users speculate it may hint at a potential token launch.
Competition With Blur and Lost Market Share
In 2022, OpenSea controlled 90% of all NFT trading volume. Today, that share has dropped to 33%, ceding the lead to Blur, which processed $317 million in Ethereum trades in January 2025 — over twice OpenSea’s $152 million.
In response to its shrinking share, OpenSea shifted strategies. In November 2024, the company cut half its workforce, and CEO Devin Finzer hinted at a “complete rebuild” of the marketplace. With OS2, OpenSea hopes new features and incentives will lure users back.
Will There Be a Token?
Rumors of an OpenSea token date back some time. In November 2024, discussion began around a loyalty program mirroring Blur’s approach, where users earn rewards based on activity.
Several factors point to a potential Token Generation Event (TGE):
- Leaderboard: OS2 includes a leaderboard that tracks user engagement.
- Retro section: Possibly suggesting retrospective rewards for long-time users.
- Season 1 & XP: Like Blur’s XP system prior to its token drop.
Speculation holds that OpenSea accelerated token development to counter competing platforms. In October, Magic Eden launched its ME token, followed by a token release from Pudgy Penguins (PENGU).
Still, even if OpenSea is gearing up for a token, users don’t expect a launch before 2026. For now, the company is focusing on testing OS2 and regaining ground in the NFT marketplace race.
Also See: Doodles Founder Hints at Token Launch — Floor Price Rises by 70%
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