Blur

Golem

Eden

Magic Eden

Non-fungible token (NFT) marketplace OpenSea has sparked speculation of an impending token launch and user airdrop following its registration in the Cayman Islands.
The news was <a data-ct-non-breakable="null" href="https://x.com/waleswoosh/status/1867686969813479570" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/waleswoosh/status/1867686969813479570">shared</a> on Dec. 14 by Waleswoosh, a pseudonymous researcher from the Azuki NFT collection, who posted a screenshot of OpenSea’s Cayman Islands registration. NFT community members have since speculated that the digital collectible platform plans to launch a cryptocurrency and conduct a token airdrop.&nbsp;
<figure>
 <img alt="OpenSea Cayman Islands registration fuels token airdrop rumors" src="https://s3.cointelegraph.com/uploads/2024-12/0193c9ea-d1fe-7864-8698-4311144395fe" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/waleswoosh/status/1867686969813479570" rel="null" target="null" text="null" title="https://x.com/waleswoosh/status/1867686969813479570">Waleswoosh</a>
 </figcaption>
</figure>
On Nov. 4, OpenSea co-founder and CEO Devin Finzer announced that the NFT marketplace is planning a comeback. Although Finzer shared few details, he promised the revamped platform <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/opensea-promises-comeback-new-platform" rel="" target="_self" text="null" title="https://cointelegraph.com/news/opensea-promises-comeback-new-platform">would be launched in December</a>.
At the time, some users speculated that an airdrop could be included. However, others, such as DappRadar’s communications manager “nederob,” considered an airdrop unlikely due to OpenSea’s United States-based operations.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/nft-projects-company-free-equity-holders" rel="null" target="null" text="null" title="null">NFT projects begin to give away ‘free’ company equity to holders</a>
<h2 id="users-anticipate-opensea-airdrop">Users anticipate OpenSea airdrop&nbsp;</h2>
While OpenSea has not officially announced anything yet, users believe the Cayman Islands registration means the NFT platform will conduct an airdrop for its users.&nbsp;
Matter Labs’ community manager “Golem” <a data-ct-non-breakable="null" href="https://x.com/BowTiedGolem/status/1867774138863276440" rel="null" target="null" text="null" title="null">hopes</a> the platform will reward its early users, saying OpenSea had the chance to turn everything around. Another OpenSea user shared the same sentiment, <a data-ct-non-breakable="null" href="https://x.com/EdSama_Lens/status/1867918592228073772" rel="null" target="null" text="null" title="null">hoping</a> the NFT platform would reward their loyalty.&nbsp;
<figure>
 <img alt="OpenSea Cayman Islands registration fuels token airdrop rumors" src="https://s3.cointelegraph.com/uploads/2024-12/0193c9ea-48ad-718b-9dfc-4a83813c9c27" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/BowTiedGolem/status/1867774138863276440" rel="null" target="null" text="null" title="https://x.com/BowTiedGolem/status/1867774138863276440">Golem</a>
 </figcaption>
</figure>
One user voiced concerns about whether the potential airdrop would account for the high trading volumes from 2021 and 2022 when the NFT market experienced billions in sales. The user speculated that OpenSea could <a data-ct-non-breakable="null" href="https://x.com/WawKasem/status/1867878794679435720" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/WawKasem/status/1867878794679435720">follow</a> the lead of competitors like Blur and Magic Eden, which issued tokens to incentivize and reward users.&nbsp;
<figure>
 <img alt="OpenSea Cayman Islands registration fuels token airdrop rumors" src="https://s3.cointelegraph.com/uploads/2024-12/0193c9e9-e20b-7b2e-bebd-483d87e6f089" title="">
 <figcaption style="text-align: center;">
 Top NFT marketplaces by trading volume. Source: DappRadar
 </figcaption>
</figure>
OpenSea has made previous attempts to win back users from rival NFT marketplaces. On Feb. 18, the platform <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/opensea-implements-0-fees-to-win-over-nft-userbase-lost-to-blur" rel="null" target="null" text="null" title="null">implemented zero fees</a> in an effort to regain lost ground to Blur. However, Blur continues to dominate NFT trading volumes, followed by OpenSea and OKX.&nbsp;
Blur’s entry into the market was accompanied by an airdrop system, where users could earn tokens whenever a trading season ended. In 2023, a user <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/blur-token-rewards-nft-marketplace-airdrop" rel="null" target="null" text="null" title="null">earned up to $11 million</a> in Blur tokens after the NFT marketplace distributed airdrop rewards for its second season.&nbsp;
Magic Eden also followed Blur’s strategy, promising an airdrop for its users. However, the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/magic-eden-airdrop-me-token-drops-app-issues-reports" rel="" target="_self" text="null" title="https://cointelegraph.com/news/magic-eden-airdrop-me-token-drops-app-issues-reports">token instantly plummeted as it launched</a>. On Dec. 11, the platform’s ME token rallied to $13.10 before falling by almost 70% as users complained about the claiming process and bugs in the project’s mobile application.&nbsp;
Cointelegraph reached out to OpenSea for comment but did not receive a response by publication.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/vonmises-cryptopunks-price-spike-nft-collector/" rel="null" target="null" text="null" title="null">VonMises bought 60 CryptoPunks in a month before the price spiked: NFT Collector</a>

OpenSea Cayman Islands registration fuels token airdrop rumors

Table of Contents

Cointelegraph

Other articles published on Dec 15, 2024

RLUSD stablecoin will increase demand for XRP — Axelar co-founder

Why Do Solana Holders Remain Confident In The Market?

Worldcoin’s 30% Surge Potential if WLD Maintains Support at This Key Level

Secure a 150% Bonus with BlockDAG’s Latest Incentives – JasmyCoin’s Value Increases, What’s Ahead...

Market Pro Who Netted $50M in the Last Bull Market Names His Top 5 Tokens for the Winter Rally!

Bitcoin Price Breaks New ALL-Time-High In Coming Week

Join our free newsletter for daily crypto updates!