OpenSea has already announced another season of their chest campaign
Season 2 runs from now until November 15th
50% of protocol fees will go towards the reward pool which will start off with $1m of tokens
I have three main thoughts here:
1. Broadly this is a very clever marketing initiative to gain market share from other marketplaces. The theory is that the massive increase in fees generated by users participating in this campaign will lead to 50% of fees kept by OpenSea being greater than 100% of fees without the campaign. From a personal view, this is true in my case (I would normally rarely ever use the platform)
2. If we are to see $SEA (no pun intended) then OpenSea has a massive load on their plate to appease to the OG users whilst still rewarding OS2 users. I know there have been concerns from OG users that all 2021 activity would be heavily 'forgotten' in terms of allocations
3. For the large ticket NFTs that are included in the prize pools, it will be interesting to see what the price action is like after distribution. I could see a world in which most people instantly dump NFTs they receive, pushing down the floor price of the collections in order to recapture fees spent. That being said, it doesn't affect OpenSea as they will still make 1% on you selling the NFT lol
These are just some initial thoughts I have when thinking about the OpenSea campaigns
Generally, I think a lot of projects like @idOS_network and @SonicLabs should keep this in mind
After driving more than $2 billion in token trading volume over the last month, our final Wave 1 rewards pool now contains $12.2 million of NFTs and tokens, 100% of which will be distributed soon via your Wave 1 Treasure Chests!
We've also added $1,000,000 of tokens to kick off the Wave 2 rewards pool.
Here are some details on what to expect next.
Progress on Wave 1 has now been locked. Shortly you'll be able to view your final Wave 1 Treasure Chest in a "pending open" state on your rewards profile. As shared last week, it will take our team some time to ensure the prize pool is distributed fairly and accurately. Our goal is to allow you to open your chests and claim what's inside by Oct 17.
There are 63 Wave 1 Grand Prizes which can be discovered by anyone, but are more likely to be found by those who obtained higher tier Treasure Chests.
We are placing WETH offer liquidity behind NFTs across any collections where we purchased 11 or more items. Any NFTs acquired by OpenSea via accepted offers will be placed into the Wave 2 rewards pool.
Wave 2 will run from Oct 15 - Nov 15 and 50% of our platform fees will continue to fund a new pool of rewards. We are also kicking off Wave 2 by adding $1,000,000 of $OP, $SOMI and $ETH! Shortly you'll be able to login to your rewards portal to begin leveling up your new Wave 2 Starter Chest.
Our team is working to add new features to our rewards program for Wave 2, which we plan to release in the coming weeks:
- More Voyage Types
- Increased Shipments
- A New 13th Chest (Currently Locked)
We are also listening to your feedback and evaluating ways to continue improving, including options for incentivizing loyalty and more organic usage.
The team is now hard at work processing Wave 1 rewards for distribution and enabling your Wave 2 starter chests - we'll let you know as soon as your Wave 1 rewards are available to claim! 🔓
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