OpenSea Introduces New Incentives and Token Trading on 19 Blockchains

Legacy non-fungible token (NFT) marketplace OpenSea is moving from its OS2 closed beta to a public launch of its NFT and token trading suite, introducing fresh incentives and features.

With the update, users can now trade “virtually every token” across 19 supported blockchains within the OpenSea interface.

In addition to improved token trading, OS2 now features a new XP accrual system that is more transparent than its predecessor. During the OS2 beta, users simply used OpenSea without an understanding of what actions would be rewarded, and then OpenSea would drop “shipments” of XP to users who fulfilled the criteria.

In the new design, actions that are eligible for XP are laid out in the “rewards” tab, and there is a live feed of other users earning XP in real time. Some of these tasks include cross-chain swapping on OS2, creating OpenSea galleries, or social tasks like following OpenSea on X.

Closed beta users’ XP counts have been reset to zero after being given “treasures” based on their achievements during the beta period.

The use case of treasures has not been divulged, but according to OpenSea Chief Marketing Officer Adam Hollander, they will be “meaningfully considered as part of our rewards program,” which presumably leads to an OpenSea token.

The new interface features previous metrics, such as Loyalty, which was introduced by OpenSea competitor Blur in 2022, where users are incentivized to use OS2 exclusively.

The update doubles down on OpenSea’s attempt to break into the token trading space as NFT trading and lending volumes decline. However, despite the NFT market’s dwindling activity, some NFT collections have continued to perform well.

The Good Vibes Club collection, which minted in March for less than 0.1 ETH, just reached the 1 ETH floor price threshold today, and another XCOPY 1/10 edition sold for $1.1 million early this morning.