OpenSea, one of the largest NFT marketplaces, is said to have established a fund in the Cayman Islands.
This development has sparked speculation about the platform's potential plans to issue a Token.
OpenSea's Registration in the Cayman Islands Fuels Token Speculation
On December 13, Mike Dudas, the founder of 6th Man Ventures, shared a screenshot showing that OpenSea had registered its fund in the Cayman Islands in August.
Although OpenSea has not confirmed or commented on the registration, industry observers believe the platform may be positioning itself to benefit from the country's crypto-friendly policies for Token Issuance.
Earlier this year, the Cayman Islands introduced amendments to the Virtual Asset (Service Providers) Act, strengthening anti-money laundering measures and launching a licensing regime for virtual asset platforms. These updates have made the region an attractive destination for crypto businesses seeking legal certainty.
However, it is unclear how the platform plans to leverage the registration in the islands. Nevertheless, members of the crypto community are calling on OpenSea to reward early adopters with any potential Token airdrop. Some users hope the platform will consider transactions from 2021 and early 2022 when the NFT market was at its peak.
"Will OpenSea do a Token airdrop? Imagine if they pulled from 2021/2022 transactions. After seeing Blur and Magic Eden do airdrops, I don't think OpenSea won't go down a similar path to boost their volume and revenue in V2," crypto user Wawkem suggested.
Meanwhile, the rumors of a Token launch come at a challenging time for OpenSea. Data from dune analytics shows that at its peak, OpenSea averaged over $2 billion in monthly trading volume. In contrast, the platform's highest volume this year is just over $120 million, as it has ceded ground to competitors like Magic Eden and Blur.
Observers note that the launch of a Token could provide the necessary boost for OpenSea to regain its competitive edge in the NFT market. Furthermore, it could also be a lifeline for the marketplace as the company faces legal pressure, including a Wells notice from the United States Securities and Exchange Commission (SEC).
