Svmuu News: NFT marketplace OpenSea has announced the postponement of its highly anticipated SEA token launch plan. OpenSea CEO Devin Finzer stated on social media on Monday that the Token Generation Event (TGE), originally scheduled for Q1 2026, will be delayed, but a new launch date has not been announced yet.
Finzer mentioned that the team has been fully committed to the related development, with the original plan to initiate the launch process at an event on March 30th. However, the OpenSea Foundation has decided to push back the timeline. He candidly admitted, "A delay is a delay, and we won't sugarcoat it. The current crypto market environment is challenging, and SEA will only be launched once. We want to ensure all preparations are fully in place before proceeding."
In October last year, OpenSea disclosed its SEA token plan, stating that 50% of the token supply would be allocated to the community, including early users (OG users) and participants in the platform's reward programs. Finzer also revealed that the ongoing reward campaign will be the final round.
According to the previous plan, OpenSea also intended to allocate 50% of its platform revenue for token buybacks upon the token's launch and allow users to support their favorite NFT projects and collections by staking SEA.