Popular non-fungible token (NFT) marketplace OpenSea said Thursday that it is expanding its platform to crypto trading and confirmed it is planning to distribute SEA tokens to users.
The trading platform called OS2 has launched today, and aggregates marketplaces, allows cross-chain purchasing and offers lower fees in the beginning, according to the protocol’s press release.
“This represents an expansion of OpenSea from an NFT marketplace to a much broader platform for trading all types of digital assets,” said Devin Finzer, Co-founder and CEO of OpenSea. “We think tokens and NFTs belong together in a single, powerful, delightful experience.”
OpenSea Foundation, the Cayman Islands-based development organization behind the protocol, will also distribute SEA tokens offering utility on the OS2 platform.
While details and date of the airdrop remain undisclosed, OpenSea has confirmed that SEA will recognize both active users and those who have been part of the platform since its early days. US users will be included in the airdrop.
OpenSea has said that SEA’s utility will be focused on long-term engagement rather than short-term speculation.
The platform’s monthly trading volume is down significantly from a $5 billion peak in early 2021, having facilitated trading of $190 million worth of NFTs last month. The platform’s annualized revenue stands at $33 million, according to Dune Analytics data.