In brief
- OpenSea’s OS2 trading platform is now fully live, enabling NFT and fungible token trading across 19 blockchains.
- The platform’s new XP-based rewards program, Voyages, encourages on-chain activity ahead of the future SEA token launch.
- The launch follows regulatory relief, with the SEC recently closing its probe into OpenSea.
OpenSea has ended the beta phase of its reengineered marketplace, dubbed OS2, bringing full token trading across 19 blockchains, a new on-chain rewards system called “Voyages,” and structural changes that hint at its upcoming token launch.
“OS2 is the foundation for the next generation of OpenSea,” CEO Devin Finzer told Decrypt. “We’ve rebuilt the platform from the ground up to become the best destination for everything on-chain, from NFTs to tokens, across chains and communities.”
The rollout replaces OpenSea’s original NFT marketplace experience, which had seen declining use amid broader NFT market stagnation and growing competition from prominent rivals like Blur and Magic Eden.
OpenSea has evolved.
Beta complete. Full token universe unlocked.
New rewards program live. Welcome to the new OpenSea — the best place to discover, own, and trade anything onchain. pic.twitter.com/ccycD0bgCA
— OpenSea (@opensea) May 29, 2025
OS2 combines cross-chain NFT and fungible token trading with real-time analytics, wallet tools, and liquidity aggregation from decentralized exchanges, per a statement shared with Decrypt. The 19 chains include prominent layer-1 networks like Ethereum, Avalanche, and Flow, along with an array of scaling networks like Base, Optimism, Arbitrum, and Soneium.
A major component of the launch is Voyages, a gamified system that rewards users with XP for completing actions like minting NFTs, swapping tokens, and holding assets.
While XP is already live, users widely expect it to play a role in the launch of the forthcoming SEA token, which will be issued by the OpenSea Foundation.
In an accompanying blog post, OpenSea CMO Adam Hollander noted that the Foundation “won’t release SEA until core utility is in place,” calling it “the TGE”— short for token generation event.
Early beta testers have already received digital artifacts known as “Treasures” to anchor their eligibility for future rewards. The team has also confirmed that historical platform activity and ongoing XP accumulation will influence eventual token allocations.
OS2 first launched in beta in February after a year-long rebuild that included team downsizing and a reimagining of OpenSea’s core model.
Initial XP rewards triggered backlash after incentivizing mass NFT listings, prompting the team to restrict rewards to more deliberate actions such as buying and holding.
The platform’s community infrastructure has also been overhauled. A streamlined Discord server now offers role-based channels for DeFi, gaming, digital art, and other on-chain interests.
The update arrives just months after OpenSea said the U.S. Securities and Exchange Commission had closed its investigation into whether the platform violated federal securities laws. The SEC has ultimately ended nearly all of its lawsuits and investigations against crypto companies following the return of President Donald Trump to the White House.
“Classifying OpenSea and similar NFT marketplaces as securities exchanges or brokers would be regulatory overreach,” the company wrote in a letter to SEC Commissioner Hester Peirce, in the wake of the regulator’s decision to end its probe.
Edited by Andrew Hayward
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