Nonfungible token market OpenSea has postponed the launch of its native token SEA, initially slated for March 30, citing powerful market situations and it not being market-ready.
“The truth is that market situations are difficult throughout crypto proper now, and $SEA solely launches as soon as,” OpenSea CEO Devin Finzer posted to X on Monday.
The OpenSea (SEA) token, introduced in October, was touted as a part of OpenSea’s plan to transition right into a “commerce the whole lot” app throughout a number of chains, which incorporates perpetual futures.
The SEA token would allow discounted buying and selling charges to customers on this platform, along with providing creator incentives and group voting. OpenSea customers can even have the ability to stake SEA tied to NFT tokens and collections.
Nevertheless, Finzer mentioned OpenSea needs to verify “each piece is in place” earlier than launching the token moderately than to “pressure the unique date.” There is no such thing as a new goal date for the SEA launch.
Since October, OpenSea customers have participated within the “Waves” reward program to be eligible for SEA token allocation. Finzer mentioned that the marketing campaign might be ending.
He additionally famous that customers who participated in Waves 3, 4, 5 and 6 campaigns can choose to obtain refunds for the platform charges OpenSea retained throughout that interval, although anybody taking on the choice would additionally lose any Treasure Chest rewards they’ve earned. Treasures had been point-like rewards that OpenSea customers earned to win sure prizes.
The transfer has prompted some customers to query why OpenSea didn’t make refunds out there for Wave 1 and a couple of individuals.
Dune Analytics exhibits that OpenSea’s token and NFT quantity hit a four-year peak of $3.3 billion in October, which coincided with Wave 1 (which ran Sept. 15 to Oct. 15), after which hit $705 million in November, coinciding with Wave 2 (which ran from Oct. 15 to Nov. 15).
Cointelegraph reached out to OpenSea for remark.
OpenSea’s “commerce the whole lot” app
In October, Finzer mentioned OpenSea’s the whole lot app imaginative and prescient would allow customers to commerce the whole lot from tokens, tradition, artwork and concepts throughout a number of chains.
“Multi function place that looks like a house, not a financial institution,” he mentioned on the time.
OpenSea is constructing a brand new cellular app to drive that technique, Finzer famous on Monday.
“We’re right here for the lengthy sport. making all of non-custodial crypto pleasant on cellular is just the start,” he mentioned. “Meaning we now have to set a really excessive bar for the whole lot we do, and it’s why I’m so protecting of delivering a launch that’s worthy of this group.”
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NFT market continues to slip
The delay comes amid a continued NFT market stoop. Whereas it began sturdy within the first two weeks of 2026, rising to a market capitalization of $3.2 billion by Jan. 15, it has since fallen greater than 50% to $1.62 billion.
Change in NFT market cap over the past three months. Supply: CoinGecko
Knowledge additionally exhibits OpenSea has generated extra quantity by way of tokens than NFTs for six successive months, together with a document $2.8 billion in October.
OpenSea is now constantly seeing lower than $500 million in NFT quantity on a month-to-month foundation, a fraction of the degrees it noticed all through 2021 and 2022.
In January, NFT marketplaces Rodeo and Nifty Gateway introduced that they might wind down operations, including to the sector’s string of high-profile closures.
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