OpenSea co-founder Devin Finzer said Monday that the launch timeline for the highly anticipated SEA token has been pushed back as the company seeks to ensure the rollout is fully prepared rather than forcing its debut amid challenging crypto market conditions.
In an article on “A delay is a delay. I’m not going to dress him and I know how he lands,” he wrote.
Finzer said the foundation thought about the previously planned date, but ultimately concluded that SEA “only launches once” and that taking more time would help ensure the debut meets the expectations of the platform’s community.
As part of the update, Finzer said OpenSea will be ending its current rewards campaign structure, confirming that the current rewards wave will be its last. Users who traded during reward waves three through six will be able to opt for a refund of OpenSea platform fees withheld during this period. If users choose to receive the refund, the “Treasure” rewards tied to these waves will be removed from their accounts, while those who keep their treasures will still have them counted towards allocations during the token generation event.
The team also said that the OpenSea platform would reduce its own token trading fees to 0% for 60 days starting March 31, a move aimed at encouraging users to try 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 huge ambitions as a company and we’re in this for the long haul. Making all non-custodial cryptocurrencies mobile-friendly is just the start,” Finzer wrote. “That means we have to set the bar very high for everything we do, and that’s why I’m so protective about delivering a launch worthy of this community and everything we put into it.”
Read more: OpenSea confirms SEA token launch in Q1 with half of supply allocated to community
