Aside from L1s this week saw a lot of token announcements.
OpenSea announced SEA, a platform and Doodle plans to release its own cryptocurrency.
What does it mean to say that NFTs have returned? Eh. Kate Irwin of The Drop says it is a mood booster, and perhaps one people need right now.
We talked about tokens, OS2, and OpenSea. She explained there was another aspect to it: XP. This isn’t a token at all but can be earned and is “core” OS2’s rewards program is now available.
“There’s a lot of other moving pieces as well, besides just the token, which is exciting, because then it’s not a memecoin. It’s actually a utility token that has a place in the OpenSea ecosystem,” She added.
Phew. It’s nice to see an announcement that isn’t focused on memecoins.
The question I have is if this has come a bit too late. Irwin made the wise point, when we discussed this, that it could simply be because OpenSea worried about potential regulatory issues (they had been served with a Wells notification after all), and that now that problem is no longer an issue.
OpenSea has followed in the footsteps of Magic Eden, who launched its tokens first. The excitement for OS2 or SEA is still high.
This could also be the beginning of a new wave of tokens, Irwin noted — especially because there is an appetite for tokens that have actual utility and not just speculation.
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