OpenSea Cayman Islands registration fuels airdrop rumors.
Non-reversible token (NFT) marketplace OpenSea has sparked speculation of an upcoming token launch and user airdrop following its listing in the Cayman Islands.
The news was shared by Wellswash, a fake researcher from the Azuki NFT collection, who posted a screenshot of the OpenSea Cayman Islands registration on December 14th. Members of the NFT community have since speculated that the digital crowdfunding platform is planning to launch a cryptocurrency and conduct a token airdrop.
Source: Waleswoosh
On November 4, OpenSea co-founder and CEO Devin Finzer announced plans to bring back the NFT marketplace. While Finzer shared few details, he did promise that the revamped platform will launch in December.
At the time, some users speculated that an airdrop might be included. However, others, like Dapradar's communications manager “Nederob,” consider an airdrop unlikely due to operations by OpenSea in the United States.
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Users expect an OpenSea airdrop.
Although OpenSea has yet to announce anything, users believe that the Cayman Islands registration means that the NFT platform will conduct an airdrop for its users.
Matter Labs community manager “Golem” said OpenSea had a chance to turn things around, hoping the platform would reward its early adopters. Another OpenSea user shared the same sentiment, hoping that the NFT platform will reward their loyalty.
Source: Golem
One user expressed concern over whether the airdrop would result in higher trading volumes from 2021 and 2022, when the NFT market will experience billions of sales. The user speculated that OpenSea could follow competitors such as Blur and Magic Eden, which have issued tokens to incentivize and reward users.
Top NFT marketplaces by trading volume. Source: Dapradar
OpenSea has made previous attempts to lure users away from competing NFT marketplaces. In the year However, Blur continues to dominate NFT trading volumes, followed by OpenSea and OKX.
Blur's entry into the market is accompanied by an airdrop system, whereby users can receive tokens when the trading season ends. In the year In 2023, NFT Marketplace distributed airdrop rewards for the second season, with one user earning up to $11 million in fuzzy tokens.
Magic Eden follows a blur strategy and promises its users an air drop. However, the token crashed immediately upon launch. On December 11, the platform's ME token soared to $13.10 before plunging by 70% as users complained about the claims process and bugs in the project's mobile app.
Cointelegraph reached out to OpenSea for comment and did not receive a response by press time.
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