With the rise of Kaito, most projects have shifted toward InfoFi or SocialFi-based strategies for promoting themselves on social media and conducting token airdrops.

This signals that the era of on-chain activity-based airdrops is coming to an end. In fact, many recent TGE (Token Generation Event) projects have allocated far more tokens to InfoFi or SocialFi users than to purely on-chain users—sparking some controversy.

So, in a climate where on-chain activity is losing its perceived value, what’s the one project that still seems almost guaranteed not to fail?

MegaETH? Monad? Linea? I’m confident it’s Opensea—the NFT marketplace that has been steadily generating revenue in the Web3 space for years.

Because many people still underestimate Opensea’s value, this article will focus on analyzing Opensea and the potential value of its SEA token.

1. The NFT Marketplace Opensea

2. Opensea’s XP-Based Token Airdrop

3. The Ongoing Voyage Program

4. The Future of Opensea and the SEA Token

Founded in 2017, Opensea is the world’s first and largest NFT marketplace. It supports multiple chains and offers a user-friendly UI/UX, making it easy for even NFT newcomers to get started quickly.

Its dominance didn’t come solely from being first. During the NFT market’s peak in 2021–2022, competitors like Blur and Magic Eden briefly overtook Opensea in trading volume.

Opensea didn’t become the world’s largest NFT marketplace just by being the first.

During the peak of the NFT market in 2021–2022, when trading volumes were at their highest, it briefly lost the top spot to competitors like Blur and Magic Eden.

However, now that most NFT marketplaces—except for Opensea—have already launched their own tokens, users have every incentive to actively trade on Opensea in anticipation of the upcoming SEA token airdrop.

As a result, I expect Opensea to dominate NFT trading volumes for the foreseeable future. Moreover, with the official launch of Opensea 2.0 in August 2025, significant usability improvements have been made, and the platform now offers a broader range of features than its competitors.

• Ability to purchase NFTs using tokens from other chains

• Integrated wallet connection and switching for EVM, SOL, and more

• “Trending,” “Top,” and “New” token tracking features

• NFT prices in ETH can now be displayed in USD value

• Support for NFT trading across 20 chains including ETH, BASE, SOL, ZORA

• Cross-chain token swap functionality

• Built-in NFT collection storage

Previously, users needed an external bridge to move assets between chains. Now, with Opensea 2.0’s built-in multi-chain bridge, trading NFTs and tokens across chains is seamless.

Opensea also launched a gamified, continuous quest reward system called Voyages, where consistent on-chain activity earns XP, which will later be converted into SEA tokens.

On February 13, 2025, the Opensea Foundation officially mentioned its SEA token for the first time.

Opensea’s CMO, Adam Hollander, stated on X that they’re well aware of the high anticipation for the SEA token airdrop, and that they’re working to ensure strong reasons for users to hold SEA over the long term.

From what’s been shared so far, the SEA token airdrop will be based on XP earned from NFT trading and Voyage quest participation on Opensea.

Adam Hollander specifically mentioned the following airdrop criteria:

• Past Activity: Users who have traded NFTs on Opensea in the past will receive separate rewards at TGE.

• Current Activity: While there’s no leaderboard like before, Opensea is carefully tracking whether users continue trading and engaging consistently.

• Reward Program Goal: XP is designed to encourage as many people as possible to use and experience Opensea.

In short, the more consistently you trade NFTs and tokens on Opensea, the larger your SEA token allocation is likely to be.

After the launch of Opensea 2.0, the Voyages XP reward program went fully live.

During beta testing, XP was granted based on NFT trade volume. But with Voyages’ full rollout, weekly missions now encourage users to explore Opensea’s features—earning XP along the way.

The intent is clear: rather than rewarding a small number of high-volume traders, Opensea wants to reward consistent, diverse engagement.

Voyages missions change every week, so they’re never exactly the same, but most involve similar activities like token swaps and NFT purchases.

In particular, since the Opensea 2.0 update introduced token swap and cross-chain features in addition to NFT trading, many missions now focus on using these functions.

XP rewards vary depending on the type of mission, but with as little as $5, you can participate without any issue—making it crucial to consistently complete Voyages and accumulate more XP than others.

Whereas XP used to be awarded based on NFT trade volume, since the launch of Voyages the emphasis has shifted toward consistent mission completion and trading frequency, even with smaller amounts.

However, some users exploited the repetitive nature of certain Voyages missions by automating them with bots to farm XP. Opensea regarded this as a serious violation and, through strict monitoring, flagged these bot-operated accounts as sybil addresses and blocked them from Voyages—banning over 130,000 wallets in the first wave alone.

Opensea has also stated that this is just the beginning, and that additional bans will be carried out over the coming weeks to protect the value of rewards for genuine users.

This has sparked some controversy, as many long-time contributors to Opensea were flagged simply for having numerous wallet connections, and even non-bot, single-account users were sometimes banned due to overlapping IP addresses. While Opensea does accept appeals, the team maintains that most banned accounts were in violation and appears determined to continue enforcing these measures going forward.

Once Voyages ends, all accumulated XP will be converted into SEA tokens, distributed via airdrop and subsequently listed.

Naturally, many are wondering—what will SEA’s valuation be?

One way to estimate is by looking at Opensea’s funding. It’s one of the few major projects to raise $425.15M in total (Series C), backed by top-tier crypto VCs like A16Z Crypto, Paradigm, and Coinbase Ventures.

With this in mind, let’s compare it to Blur — a rival marketplace that once surpassed OpenSea in NFT trading volume. Blur raised $51M in two funding rounds during 2022 and 2023, with a valuation of $500M — ten times the amount raised.

Right after the BLUR token TGE, it was listed on practically every major exchange, including Binance, Bybit, Upbit, and Bithumb. At its peak price of $5, the FDV hit $15B, delivering a performance over 30x its valuation.

Even considering the favorable market conditions at the time, this was an exceptionally high figure — something only possible because the NFT market was performing at an overwhelmingly strong level.

Therefore, based on Blur’s TGE performance, if we compare it to OpenSea, we can assume a reasonable valuation of around $4B — roughly 10x its total funding of $425.15M — since most projects are typically valued at about 10 times their investment amount. (Some reports state that OpenSea was valued at $13B during its Series C round, but that figure refers to the company’s private equity valuation, not a token valuation.)

While the exact figure would vary depending on the tokenomics, most crypto projects set their expected TGE-day FDV based on their funding amount and valuation. Under the assumption that SEA follows a similar approach, if we take $4B as the FDV benchmark, the token could trade above that level if the circulating supply is low, or below it if the supply is high.

Given the current strong market conditions, there’s unlikely to be a project larger than OpenSea at the time of listing, so SEA is highly likely to be listed on virtually all major exchanges immediately upon TGE. There’s also a possibility — albeit not guaranteed — that it could trade at several times the $4B FDV. This makes it important to review the initial circulating supply once the tokenomics are revealed.

According to the Opensea user ranking Dune dashboard created by IKOKsealaunch, as of July there were around 360,000 active wallets. Of these, 130,000 were flagged in the first round of Sybil detection, leaving roughly 230,000 wallets still in play.

Wallet distribution by XP tier

• 1,000+ XP: 250,000 wallets

• 2,000+ XP: 180,000 wallets

• 3,000+ XP: 110,000 wallets

• 5,000+ XP: 16,000 wallets

• 7,000+ XP: 320 wallets

Wallet distribution by transaction volume

• Under $100: 350,000 wallets

• Under $500: 160,000 wallets

• Under $1,000: 9,900 wallets

• Under $2,000: 6,200 wallets

• Under $5,000: 5,700 wallets

• Under $10,000: 2,700 wallets

• Over $10,000: 2,900 wallets

Wallet distribution by transaction count

• 5 or fewer: 70,000 wallets

• 10 or fewer: 72,000 wallets

• 20 or fewer: 60,800 wallets

• 35 or fewer: 22,900 wallets

• 50 or fewer: 5,900 wallets

• 100 or fewer: 3,600 wallets

• Over 100: 3,700 wallets

Putting all of this together, it seems likely that Opensea will continue cracking down on Sybil accounts right up until the TGE. While consistently trading NFTs and tokens isn’t exactly easy, the higher your XP, the bigger the potential rewards—so it’s worth actively participating in Voyages to maximize your gains.

If OpenSea were to hold a TGE, I’m confident it would be among the highest-valued listings of the year.

While on-chain activity no longer guarantees a token airdrop, OpenSea is a rare case — compared to the scale of investment, the number of participants is relatively small, and most airdrop farmers have already been blocked by Sybil detection. This means that even a single account, if consistently participating in Voyages and accumulating XP, could potentially secure a highly profitable SEA token airdrop.

In a crypto market where it’s often hard to be certain of success, I see this as a rare, near-sure opportunity, and strongly recommend active participation.

This content is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any asset. Cryptocurrency and digital asset investments carry high risks, so please conduct thorough research and make decisions carefully.

With the rise of Kaito, most projects have shifted toward InfoFi or SocialFi-based strategies for promoting themselves on social media and conducting token airdrops.

This signals that the era of on-chain activity-based airdrops is coming to an end. In fact, many recent TGE (Token Generation Event) projects have allocated far more tokens to InfoFi or SocialFi users than to purely on-chain users—sparking some controversy.

So, in a climate where on-chain activity is losing its perceived value, what’s the one project that still seems almost guaranteed not to fail?

MegaETH? Monad? Linea? I’m confident it’s Opensea—the NFT marketplace that has been steadily generating revenue in the Web3 space for years.

Because many people still underestimate Opensea’s value, this article will focus on analyzing Opensea and the potential value of its SEA token.

1. The NFT Marketplace Opensea

2. Opensea’s XP-Based Token Airdrop

3. The Ongoing Voyage Program

4. The Future of Opensea and the SEA Token

Founded in 2017, Opensea is the world’s first and largest NFT marketplace. It supports multiple chains and offers a user-friendly UI/UX, making it easy for even NFT newcomers to get started quickly.

Its dominance didn’t come solely from being first. During the NFT market’s peak in 2021–2022, competitors like Blur and Magic Eden briefly overtook Opensea in trading volume.

Opensea didn’t become the world’s largest NFT marketplace just by being the first.

During the peak of the NFT market in 2021–2022, when trading volumes were at their highest, it briefly lost the top spot to competitors like Blur and Magic Eden.

However, now that most NFT marketplaces—except for Opensea—have already launched their own tokens, users have every incentive to actively trade on Opensea in anticipation of the upcoming SEA token airdrop.

As a result, I expect Opensea to dominate NFT trading volumes for the foreseeable future. Moreover, with the official launch of Opensea 2.0 in August 2025, significant usability improvements have been made, and the platform now offers a broader range of features than its competitors.

• Ability to purchase NFTs using tokens from other chains

• Integrated wallet connection and switching for EVM, SOL, and more

• “Trending,” “Top,” and “New” token tracking features

• NFT prices in ETH can now be displayed in USD value

• Support for NFT trading across 20 chains including ETH, BASE, SOL, ZORA

• Cross-chain token swap functionality

• Built-in NFT collection storage

Previously, users needed an external bridge to move assets between chains. Now, with Opensea 2.0’s built-in multi-chain bridge, trading NFTs and tokens across chains is seamless.

Opensea also launched a gamified, continuous quest reward system called Voyages, where consistent on-chain activity earns XP, which will later be converted into SEA tokens.

On February 13, 2025, the Opensea Foundation officially mentioned its SEA token for the first time.

Opensea’s CMO, Adam Hollander, stated on X that they’re well aware of the high anticipation for the SEA token airdrop, and that they’re working to ensure strong reasons for users to hold SEA over the long term.

From what’s been shared so far, the SEA token airdrop will be based on XP earned from NFT trading and Voyage quest participation on Opensea.

Adam Hollander specifically mentioned the following airdrop criteria:

• Past Activity: Users who have traded NFTs on Opensea in the past will receive separate rewards at TGE.

• Current Activity: While there’s no leaderboard like before, Opensea is carefully tracking whether users continue trading and engaging consistently.

• Reward Program Goal: XP is designed to encourage as many people as possible to use and experience Opensea.

In short, the more consistently you trade NFTs and tokens on Opensea, the larger your SEA token allocation is likely to be.

After the launch of Opensea 2.0, the Voyages XP reward program went fully live.

During beta testing, XP was granted based on NFT trade volume. But with Voyages’ full rollout, weekly missions now encourage users to explore Opensea’s features—earning XP along the way.

The intent is clear: rather than rewarding a small number of high-volume traders, Opensea wants to reward consistent, diverse engagement.

Voyages missions change every week, so they’re never exactly the same, but most involve similar activities like token swaps and NFT purchases.

In particular, since the Opensea 2.0 update introduced token swap and cross-chain features in addition to NFT trading, many missions now focus on using these functions.

XP rewards vary depending on the type of mission, but with as little as $5, you can participate without any issue—making it crucial to consistently complete Voyages and accumulate more XP than others.

Whereas XP used to be awarded based on NFT trade volume, since the launch of Voyages the emphasis has shifted toward consistent mission completion and trading frequency, even with smaller amounts.

However, some users exploited the repetitive nature of certain Voyages missions by automating them with bots to farm XP. Opensea regarded this as a serious violation and, through strict monitoring, flagged these bot-operated accounts as sybil addresses and blocked them from Voyages—banning over 130,000 wallets in the first wave alone.

Opensea has also stated that this is just the beginning, and that additional bans will be carried out over the coming weeks to protect the value of rewards for genuine users.

This has sparked some controversy, as many long-time contributors to Opensea were flagged simply for having numerous wallet connections, and even non-bot, single-account users were sometimes banned due to overlapping IP addresses. While Opensea does accept appeals, the team maintains that most banned accounts were in violation and appears determined to continue enforcing these measures going forward.

Once Voyages ends, all accumulated XP will be converted into SEA tokens, distributed via airdrop and subsequently listed.

Naturally, many are wondering—what will SEA’s valuation be?

One way to estimate is by looking at Opensea’s funding. It’s one of the few major projects to raise $425.15M in total (Series C), backed by top-tier crypto VCs like A16Z Crypto, Paradigm, and Coinbase Ventures.

With this in mind, let’s compare it to Blur — a rival marketplace that once surpassed OpenSea in NFT trading volume. Blur raised $51M in two funding rounds during 2022 and 2023, with a valuation of $500M — ten times the amount raised.

Right after the BLUR token TGE, it was listed on practically every major exchange, including Binance, Bybit, Upbit, and Bithumb. At its peak price of $5, the FDV hit $15B, delivering a performance over 30x its valuation.

Even considering the favorable market conditions at the time, this was an exceptionally high figure — something only possible because the NFT market was performing at an overwhelmingly strong level.

Therefore, based on Blur’s TGE performance, if we compare it to OpenSea, we can assume a reasonable valuation of around $4B — roughly 10x its total funding of $425.15M — since most projects are typically valued at about 10 times their investment amount. (Some reports state that OpenSea was valued at $13B during its Series C round, but that figure refers to the company’s private equity valuation, not a token valuation.)

While the exact figure would vary depending on the tokenomics, most crypto projects set their expected TGE-day FDV based on their funding amount and valuation. Under the assumption that SEA follows a similar approach, if we take $4B as the FDV benchmark, the token could trade above that level if the circulating supply is low, or below it if the supply is high.

Given the current strong market conditions, there’s unlikely to be a project larger than OpenSea at the time of listing, so SEA is highly likely to be listed on virtually all major exchanges immediately upon TGE. There’s also a possibility — albeit not guaranteed — that it could trade at several times the $4B FDV. This makes it important to review the initial circulating supply once the tokenomics are revealed.

According to the Opensea user ranking Dune dashboard created by IKOKsealaunch, as of July there were around 360,000 active wallets. Of these, 130,000 were flagged in the first round of Sybil detection, leaving roughly 230,000 wallets still in play.

Wallet distribution by XP tier

• 1,000+ XP: 250,000 wallets

• 2,000+ XP: 180,000 wallets

• 3,000+ XP: 110,000 wallets

• 5,000+ XP: 16,000 wallets

• 7,000+ XP: 320 wallets

Wallet distribution by transaction volume

• Under $100: 350,000 wallets

• Under $500: 160,000 wallets

• Under $1,000: 9,900 wallets

• Under $2,000: 6,200 wallets

• Under $5,000: 5,700 wallets

• Under $10,000: 2,700 wallets

• Over $10,000: 2,900 wallets

Wallet distribution by transaction count

• 5 or fewer: 70,000 wallets

• 10 or fewer: 72,000 wallets

• 20 or fewer: 60,800 wallets

• 35 or fewer: 22,900 wallets

• 50 or fewer: 5,900 wallets

• 100 or fewer: 3,600 wallets

• Over 100: 3,700 wallets

Putting all of this together, it seems likely that Opensea will continue cracking down on Sybil accounts right up until the TGE. While consistently trading NFTs and tokens isn’t exactly easy, the higher your XP, the bigger the potential rewards—so it’s worth actively participating in Voyages to maximize your gains.

If OpenSea were to hold a TGE, I’m confident it would be among the highest-valued listings of the year.

While on-chain activity no longer guarantees a token airdrop, OpenSea is a rare case — compared to the scale of investment, the number of participants is relatively small, and most airdrop farmers have already been blocked by Sybil detection. This means that even a single account, if consistently participating in Voyages and accumulating XP, could potentially secure a highly profitable SEA token airdrop.

In a crypto market where it’s often hard to be certain of success, I see this as a rare, near-sure opportunity, and strongly recommend active participation.

This content is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any asset. Cryptocurrency and digital asset investments carry high risks, so please conduct thorough research and make decisions carefully.