OpenSea announces SEA token with US user eligibility

Key Takeaways

• OpenSea Foundation plans to launch the SEA token with eligibility for US users.
• Historical platform usage will be a key factor in determining token allocation eligibility.

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OpenSea Foundation announced plans to launch its SEA token, confirming US users will be eligible to participate in the upcoming token distribution.

The foundation emphasized that historical platform usage, rather than recent activity alone, will be a key factor in determining token allocation eligibility.

“Historical OpenSea usage, not just recent activity, will be an important ingredient,” the OpenSea Foundation posted.

The foundation also clarified that the claim process would be streamlined and user-friendly, with a focus on ensuring broad accessibility for participants, including US users.

While specific timing details were not disclosed, the foundation emphasized its focus on “long-term sustainability and supporting a healthy, enduring community.”

The announcement follows the establishment of the OpenSea Foundation in the Cayman Islands, a move that had prompted speculation about a potential token launch in the crypto space.

Last August, the SEC issued a Wells notice to OpenSea , alleging that certain NFTs on its platform could qualify as securities. OpenSea pledged $5 million to assist NFT creators facing SEC scrutiny.

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