Original | Odaily Planet Daily ( @OdailyChina )

Author | Asher ( @Asher_0210 )

I thought OpenSea would issue tokens soon, but unexpectedly they held a final reward event before TGE, and it was divided into multiple phases: Wave 1 just ended, and Wave 2 was launched immediately.

According to official information, the platform has seen over $2 billion in cumulative trading volume since the launch of the final pre-TGE bounty program. Wave 1 rewards currently include $12.2 million worth of NFTs and tokens, which have already been distributed. Wave 2, which launched on October 15th, will continue to fund a new bounty pool until November 15th, with 50% of platform fees allocated to fund the initial pool, including $1 million worth of OP, SOMI, and ETH tokens.

To the community's disappointment, the rewards offered during Wave 1 barely covered their investment. Instead, they distributed additional badges of varying levels, hoping to redeem them for more SEA tokens during the TGE. For example, an Amethyst-level chest, costing over $310, only received an airdropped token worth approximately $110, far less than the player's investment and a severely insufficient return.

Furthermore, the situation with other tiers of treasure chests is similar—the rewards offered in exchange for high costs are generally low in value, while the usefulness of badges and the subsequent number of SEA tokens redeemed remain uncertain. This means that even if players actively participate in "treasure chest farming," the actual returns may not cover the costs in the long term, creating the risk of being robbed.

Amethyst level treasure chest opening rewards

The data indicates that user enthusiasm for the "treasure chest" activity has significantly declined, with many people opting out of participating in the Wave 2 rewards program. On-chain data shows that since the Wave 1 rewards were distributed, the OpenSea platform's Swap trading volume has plummeted, indicating a significant decrease in market activity.

OpenSea hourly swap transaction data

It is not difficult to see that OpenSea’s reward design before TGE not only failed to effectively motivate community participation, but instead led to a decline in activity, showing the community’s dissatisfaction and resistance to its incentive mechanism.

So, when will OpenSea, which has missed countless opportunities to issue coins, actually conduct a TGE?

OpenSea CEO: Plans to launch SEA token in Q1 2026

Yesterday, OpenSea CEO Devin Finzer announced plans to launch the SEA token in Q1 2026. The launch of SEA will provide users with more ways to utilize it, including staking functionality, allowing users to stake SEA against their favorite tokens and collectibles. In addition, there are several points worth noting in this statement:

• Only 50% of the airdropped tokens will be unlocked during the TGE. 50% of the total SEA supply will be allocated to the community, with 50% unlocked for initial claims.
• Participation in the final pre-TGE bounty program will be considered for the TGE, but no firm commitment has been made. Participants in the OpenSea bounty program and OG users will be considered for the TGE.
• 50% of the OpenSea platform's revenue will be used to purchase SEA at TGE , aiming to ensure the value of the token and the healthy development of the ecosystem.

In addition, based on community feedback, OpenSea may launch a perpetual contract function in the near future , or it may be included in a new reward plan. Users can earn points by "brushing transaction volume" and compete for token airdrops.

Pay proper attention, control wear and tear, and don't expect too much

The current NFT ecosystem is stagnant, and few truly believe that OpenSea's token offering can lead to a "second rise," let alone reshape the future of the NFT market. Many believe OpenSea is simply trying to squeeze out the last ounce of liquidity in the NFT market.

At the same time, OpenSea continues to exploit its users, making it difficult for "thrifters" to easily earn this last bit of liquidity. The coin launch is constantly being postponed. Even if the official plan is for Q1 2026, it may be delayed until the end of the quarter, or even given various bizarre reasons for further delay.

Therefore, for the just-concluded Wave 1 of the final pre-TGE rewards event, the current returns from treasure chest farming are likely to be low. While participants can redeem badges for tokens during the TGE, there are two major risks: first, a long payback period; and second, a large number of similar tasks may appear between now and the TGE, causing the badge value to decline and ultimately the returns to be reversed.

Overall, these types of events are worth participating in moderately, but be sure to manage costs and expenses, and avoid excessive expectations. Consider this: "During OpenSea's heyday, they didn't issue tokens and even considered going public. They didn't care about their users. Now that they're closing down, they can't even take care of themselves, so why would you get an airdrop?"