OpenSea’s Cayman Islands Registration Sparks Token Rumors

By Philip Maina

1 day agoMon Dec 16 2024 11:01:07

Reading Time: 2 minutes

• NFT marketplace OpenSea has sought a Cayman Islands registration
• The NFT community thinks the registration is part of the exchange’s preparations to launch a token
• This comes a few days after Magic Eden launched its ME token

A month after OpenSea announced the launch of a revamped NFT marketplace, the platform has sought registration in the Cayman Islands. The registration has caused the NFT community to speculate that the marketplace is planning to launch a native token, with some saying that it would be the best way to reward its loyal users. Although OpenSea is yet to comment on the registration and whether it’s planning to launch a token, it comes five days after rival NFT marketplace Magic Eden launched its ME token , something that may influence OpenSea’s decision to also unveil a token.

Excitement Building Over Possible Airdrop

The Cayman Islands registration was revealed by an NFT researcher pseudonymously known as Waleswoosh. Waleswoosh revealed a search on the country’s general registry showing “there’s a new OpenSea Foundation registered in the Cayman Islands.”

Matter Labs’ community manager pseudonymously known as Golem on X was among those fueling the idea “that an OpenSea token is coming”. According to Golem, the token will help the marketplace “turn everything around” and act as a way to “reward their OG users.”

Another X user said they hope the NFT exchange launches a token to reward them for their “loyalty.” However, not everyone thinks OpenSea is working on a token. Last month, for example, DappRadar’s communications manager, Robert Hoogendoorn, noted that it’s “unlikely” for the NFT platform to launch a token due to its “U.S. roots.” 

It’s Unlikely but “Not Unthinkable”

Hoogendoorn, however, said that such a development is “not unthinkable.” he even suggested that the token will be dubbed “OPEN.” Apart from OpenSea and Magic Eden, other NFT marketplaces like Blur and LooksRare have in the past launched a native token.

NFT project Pudgy Penguins also recently announced that it’s planning to launch a native token, PENGU, before the end of this month.

With Magic Eden recently launching a native token, it’s likely that OpenSea is also planning to follow the same route.