OpenSea co-founder Devin Finzer said Monday that the timeline for the launch of the much-anticipated SEA token is being pushed back as the company seeks to ensure the rollout is fully prepared rather than forcing a debut amid difficult crypto market conditions.
In a post on X, Finzer said that the OpenSea Foundation initially planned to take the first steps towards the launch during an event on March 30, but has decided to delay the timeline for the NFT trading platform token. “A delay is a delay. I’m not going to dress it up and I know how it lands,” he wrote.
Finzer said the foundation was moving forward with the previously planned date, but ultimately concluded that SEA “only launches once” and that taking additional time would help ensure the debut meets the expectations of the platform’s community.
As part of the update, Finzer said that OpenSea will be discontinuing its current reward campaign structure, confirming that the current reward wave will be the last. Users who traded during reward waves three through six will be able to sign up for refunds for the platform fees OpenSea retained during that period. If users choose to receive the refund, the “Treasure” reward associated with these waves will be removed from their accounts, while those who keep their Treasures will still be considered for allocations at the token generation event.
The team also said the OpenSea platform will reduce its own token trading fees to 0% for 60 days starting March 31, a move aimed at encouraging users to try out the company’s revamped platform.
Finzer added that the fund will wait to announce a new SEA launch timeline until it can provide a clear and deliberate schedule.
“We have huge ambitions as a company, and we’re here for the long game. Making all non-custodial crypto lovely on mobile is just the beginning,” Finzer wrote. “That means we have to set a very high bar for everything we do, and that’s why I’m so protective of delivering a launch that’s worthy of this community and everything we put into it.”
Read more: OpenSea confirms Q1 launch for SEA token with half supply allocated to community
