Is OpenSea Hinting a Possible Token Launch in Its Cryptic Social Media Post?

OpenSea customers are questioning a few attainable token launch after a obscure message on the corporate’s X account. Opinions in the neighborhood are divided on whether or not such a launch would improve curiosity or change into a everlasting rug pull.

Buying and selling volumes on the NFT market have come to a standstill and a authorized battle from the SEC may very well be in retailer.

OpenSea Token Launch: Misleading or Fraudulent?

At present, NFT market OpenSea posted: “So… how lengthy have you ever been utilizing OpenSea?” on his official X account. Group feedback instantly began speculating that this might result in a token launch. The market hit a three-year low in April and it appears like one of the best alternative to launch has already handed:

OpenSea drops buying and selling income quantity in USD. Supply: Dune

A number of distinguished commentators within the NFT area questioned OpenSea’s intentions and motives. For instance, consumer Loopify, the founding father of a web3 undertaking, claimed that the corporate is “identified for making the worst selections inside NFTs.” He additionally claimed {that a} failed launch would destroy any remaining neighborhood goodwill. STIX founder and CEO Taran Sabharwal was much more blunt:

“Rumor has it that your founding group has already left by way of secondary sale. Your core workers left since you weren’t going to launch the token in 2021. Launch it now and take a look at the entire thing [crypto Twitter] dump on you. Please make it a free money occasion for all, a ultimate farewell to OpenSea,” mentioned Sabharwal.

In different phrases, he steered that the remaining OpenSea group is making an attempt to squeeze in a single final spherical of hype earlier than a ultimate rugpull, much like the allegations Ren Protocol was confronted final month.

One other similarity between the 2 is that OpenSea made non-binding guarantees in early November a few 2.0 platform launch in December. The corporate has not launched any additional particulars since then.

Alternatively, some neighborhood members rejected the concept that OpenSea was planning an underhanded transfer. For instance, crypto marketer Danny Dope mentioned, “The corporate is unquestionably not on the rise,” however a token launch would reignite curiosity.

“Opensea has the chance to make a fully good chess transfer in valuing older quantity. I simply suppose they want an enormous USP to get folks doing quantity there, apart from simply UI enhancements which can clearly be worthwhile,” wrote well-liked NFT collector Rahim Mahtab on X.

Regardless of the firm’s motivations, it’s undeniably in a tough place. Earlier this yr, the SEC served a discover from Wells to OpenSea. Even when the subsequent SEC chairman is friendlier to the crypto trade, that will not essentially assist a beleaguered NFT market. Between the waning curiosity and authorized points, it is clear why so many commentators count on the top.