The NFT marketplace OpenSea is set to distribute over $12 million worth of collectibles and tokens as it ramps up excitement over the launch of its native asset, SEA.
According to a tweet, the rewards pool containing the NFTs and tokens will be distributed to eligible users via their Wave 1 treasure chests. OpenSea committed 50% of its fees from NFT trades and token swaps to build the rewards pool.
The marketplace disclosed that the prizes in the pool can potentially boost a user’s allocation for the SEA airdrop. The aim remains to boost user engagement and anticipation for the upcoming SEA token generation event (TGE).
OpenSea’s rewards program drove its token trading volume to over $2 billion last month. A portion of the fees from the activity increased the rewards pool to assets worth $12.2 million. Users will soon be able to view their final Wave 1 Treasure Chest on their rewards profile. Until they can claim their prizes by October 17, the rewards will remain in a “pending open” state.
With 63 Wave 1 grand prizes available to anyone, the team behind the project is ensuring the prize pool is distributed fairly. However, some prizes are more likely to be found by users who obtain higher-tier treasury chests.
The prizes involve NFTs from different top collections, including CryptoPunk, Hypurr, Bored Ape Yacht Club, and Pudgy Penguins. There are also upcoming collectibles from Quine by Larva Labs, Fidenza, Chromie Squiggle, and Ringers by Dmitri Cherniak. Some of the coins involved include Ether (ETH), Solana (SOL), and Coinbase Wrapped BTC (cbBTC). OpenSea is also placing Wrapped ETH (WETH) liquidity behind collections where it purchased at least 11 NFTs.
As the NFT platform concludes distribution for the Wave 1 rewards pool, it has already commenced acquisitions for Wave 2. The marketplace said it has added $1 million worth of tokens in the Wave 2 pool. Additionally, any collectibles acquired through accepted offers will be placed into this second pool.
The second wave of rewards will run from October 15 to November 15; users will soon be able to log in to their rewards portal to level up their starter chest.
Interestingly, the team is working towards adding new features to the second rewards pool. They include increased shipments, more voyage types, and a new 13th chest, which is currently locked.
