After recording monthly trading volumes worth billions of dollars in 2021, the NFT market is gaining steam once again, and so is OpenSea, a popular NFT marketplace.
In November, NFT trading volume reached a 3-month high as the hype around Magic Eden’s ME token airdrop grew. For beginners, Magic Eden is one of OpenSea’s biggest rivals. To keep up with the rising competition, OpenSea is reportedly set to conduct an airdrop of its native token.
While the NFT marketplace hasn’t confirmed the token airdrop, users are speculating that it may happen soon, pointing to OpenSea’s recent tweet, in which the admin asked the followers how long they had been using the NFT platform. Many took it as OpenSea’s way of measuring user loyalty, which is one of the metrics most crypto projects use when determining token allocations.
Here is why many crypto fanatics think an OpenSea token airdrop is imminent.
OpenSea Establishes a Foundation
One of the reasons why NFT traders believe OpenSea will launch a token is the company’s recent filling, which revealed the creation of ‘The OpenSea Foundation.’ X user and crypto enthusiast Wale Swoosh was the first to share the document on X in a post that has so far garnered over 1.5 million impressions.
In most cases, crypto companies establish foundations when they are about to launch native tokens. These entities are tasked with organizing and facilitating airdrops. However, the registration of the OpenSea Foundation in the Cayman Islands still doesn’t guarantee that the NFT platform will conduct a token airdrop.
Traders Place Bets on Polymarket
While the details of OpenSea’s token airdrop remain unknown, most traders are optimistic that the NFT marketplace will have a native token in the coming days, according to bets placed on the Polymarket prediction market.
For instance, since the document that revealed the creation of the OpenSea Foundation was shared, the odds of a token launch announcement by OpenSea before December ends have risen by 40% to 65%. Additionally, the odds of a token airdrop by April 2025 have increased to 82%.
That said, whether OpenSea will carry out an airdrop as per the expectations of many traders remains to be seen.
