OpenSea co-founder Devin Finzer said on Monday that the timeline for the launch of the long-awaited SEA token is being delayed as the company seeks to ensure the launch is fully prepared rather than forcing a debut amid difficult crypto market conditions.
In a post on “A delay is a delay. I’m not going to sugarcoat it and I know how it will land,” he wrote.
Finzer said the foundation considered moving forward with the previously planned date, but ultimately concluded that SEA “only launches once” and that taking more time would help ensure the debut meets the platform’s community expectations.
As part of the update, Finzer said OpenSea will reduce its current bounty campaign structure, confirming that the ongoing bounty wave will be the last. Users who traded during reward rounds three through six will be able to choose to receive refunds for the platform fees that OpenSea retained during that period. If users choose to receive the refund, the “Treasure” rewards tied to those waves will be removed from their accounts, while those who keep their Treasures will still count them toward allocations in the token generation event.
The team also said that 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 foundation will wait to announce a new SEA launch schedule until it can provide a clear and deliberate timeline.
“We have big ambitions as a company, and we’re here for the long haul. Making all non-custodial cryptocurrencies enjoyable on mobile devices 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 making a release that’s worthy of this community and everything we’re putting into this.”
Read more: OpenSea confirms SEA token launch in Q1 with half of supply allocated to community
