OpenSea has indefinitely postponed the launch of its SEA token, originally announced in October, citing challenging market conditions. The token was meant to offer discounted trading fees, creator incentives and community voting rights. Users who participated in Waves 3 through 6 campaigns can request refunds for platform fees retained by OpenSea, unlike participants in the first two waves. OpenSea’s combined token and NFT volume peaked at $3.3 billion in October before dropping to $705 million in November. The overall NFT market capitalization has plunged more than 50% since mid-January 2026, falling from $3.2 billion to $1.62 billion.
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