OpenSea sparks token airdrop rumors after Cayman Islands registration

Non-fungible token (NFT) marketplace OpenSea has sparked rumors of a potential token airdrop after its registration in the Cayman Islands surfaced. The registration, which was revealed in a post on X, has led users to anticipate a potential token launch, which would mean a marketplace airdrop.

Earlier this year, the Cayman Islands announced new amendments to its Virtual Assets Act, providing licensing for virtual asset platforms while updating its anti-money laundering act. The new update established the region as the go-to place for friendly crypto-policy and a prime location for business.

Is OpenSea making its comeback?

Some months ago, OpenSea CEO and co-founder Devin Finzer hinted at a resurgence of the platform, noting that the marketplace is planning to make a comeback. In his post on X, Finzer said the platform needs to take a step back to come back the right way. “To really innovate, sometimes you have to take a step back and reimagine everything. So we built a new OpenSea from the ground up,” Finzer said.

We've been quietly cooking at @opensea

To really innovate, sometimes you have to take a step back and reimagine everything

So we built a new OpenSea from the ground up

Sails up in December ⛵️ https://t.co/HaU1bDm29S

— Devin Finzer (dfinzer.eth) (@dfinzer) November 4, 2024

Although he refused to give further details at the time, he added that the firm intends to launch a new and improved platform. Furthermore, the OpenSea handle on X shared a link that led to a waiting list page that asked users to connect their wallets. A DappRadar-affiliated handle mentioned that there is serious hype about the new platform, hinting that the platform could launch a token.

While OpenSea has yet to provide any detailed explanation or statement, users are going off with a theory of a likely token airdrop. When the first announcement came months ago, there was no likelihood of an airdrop happening because of OpenSea’s United States-based operations. However, this new development has sparked renewed optimism that the platform may reward its users.

Matter Labs’ Golem also took to his X handle to drop his opinion, drumming up hopes that the platform rewards early users. “Opensea officially registers a foundation in the Cayman Islands. This means that an OpenSea token is coming. I pray that they reward their OG users, myself & many others who came up on NFTs & OpenSea in 2021. They have the chance to turn everything around,” he said.

Users anticipate OpenSea’s attempt to win back loyalists

The consensus is how OpenSea intends to win back its loyalists, seeing other platforms already snatching them up. A user mentioned that OpenSea might decide to follow marketplaces like Blur and Magic Eden, to issue tokens and incentivize its loyalists. This is not the first time that OpenSea will attempt to reinsert itself in the NFT conversation, with the platform announcing zero fees in an attempt to retake the lead from Blur.

Blur, on the other hand, continues to hold on steady in front, dominating the NFT marketplace in trading volume. OpenSea is second, while OKX is not too far behind in third place. The company made a statement when it entered the market, incentivizing users with token airdrops at the end of every trading season. Blur gave a user $11 million in Blur tokens after the marketplace concluded its second trading season in 2023.

Magic Eden also followed in the same direction, promising its users airdrops for their activities on the platform. The platform’s native token, ME, rose to $13.10 before falling by about 70%, much to the discontent of its users. Users claimed the platform’s application had bugs which affected the claiming process.

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