The co-founder and CEO of OpenSea has announced a significant adjustment to the platform’s rewards system in response to community feedback.
Specifically, OpenSea is temporarily suspending XP (experience points) rewards for activities such as listing and bidding on NFTs.
The CEO, Devin Finzer, acknowledged that the feedback from the community played a crucial role in this decision. Users expressed strong opinions about how rewards should be structured, which led OpenSea to reconsider its strategy.
While the CEO did not entirely dismiss the idea of liquidity rewards—where users are incentivized for market activity—he suggested that the NFT market is currently in a unique phase, requiring a more thoughtful and sustainable rewards model.
This comes after the NFT marketplace announced the launch of OS2. OS2 is a major upgrade to OpenSea that introduces several new features and improvements designed to enhance functionality, user experience, and market accessibility.
One of the most notable changes is the integration of ERC-20 token trading, which allows users to trade fungible tokens alongside NFTs. This feature leverages liquidity from third-party aggregators, making the platform more versatile.
Another key addition is cross-chain purchasing, which enables users to buy NFTs and tokens across multiple blockchains without needing to manually swap assets. OpenSea has also implemented marketplace aggregation, pulling listings from various platforms to ensure users can access the best prices available.
The platform now includes live data and analytics, offering real-time updates, rarity indicators, and detailed statistics to help users make informed decisions. A redesigned interface ensures faster navigation and provides real-time notifications for an improved user experience.
OpenSea has introduced an XP rewards program to incentivize user engagement, rewarding activities such as listing items or making offers. However, the co-founder emphasized that OpenSea will concentrate on XP shipments. These rewards aim to boost participation in OpenSea 2 (OS2), including buying and holding NFTs.
Early beta users who provided feedback on Discord have already received the initial round of XP shipments, Finzer stated. The second round is now being distributed to users who purchased NFTs on OS2, with additional XP for those who have held NFTs from top projects for over three months.
He assured that those who missed out this time will have more chances, as OpenSea intends to continue rewarding both buyers and long-term holders.
The CEO mentioned that adjustments to user rewards, responding to community feedback, do not signal the end of all liquidity rewards. This remains a part of the platform’s strategy.
The OpenSea CEO urged the crypto community to offer constructive feedback rather than attacking companies like OpenSea. He emphasized that the company welcomes ideas and collaboration but will not succumb to negativity.
