OpenSea co-founder Devin Finzer said on Monday that the launch timeline for the highly anticipated SEA token is being pushed back as the company seeks to ensure it is fully prepared for the launch rather than forcing a launch amid difficult cryptocurrency market conditions.
Finzer said in a post on “A delay is a delay. I won’t sugarcoat it, I know how it will land,” he wrote.
Fenzer said the foundation considered moving forward with the previously planned date, but ultimately concluded that SEA was “only launching once” and that additional time would help ensure the initial release met the platform community’s expectations.
Finzer said that as part of the update, OpenSea will phase out the current reward campaign structure, confirming that the ongoing reward wave will be the last. Users who transacted between the third and sixth waves of rewards will have the option to refund platform fees that OpenSea retained during this period. If users choose to receive a refund, the “treasure” rewards associated with these waves will be removed from their accounts, while those who retained the treasure will still be considered for distribution during the token generation event.
The team also said that the OpenSea platform will reduce its token transaction fees to 0% for 60 days starting from March 31, a move aimed at encouraging users to try the company’s improved platform.
Fenzer added that the foundation will wait to announce a new SEA launch timeline until it can provide a clear and well-thought-out timeline.
“We have huge ambitions as a company and we’re here for the long game. Making all non-custodial cryptocurrencies enjoyable on mobile is just the beginning,” Finzer wrote. “That means we have to set a very high standard for everything we do, which is why I’m so protective of myself and putting out a product that’s worthy of this community and everything we put into it.”
Read more: OpenSea confirms Q1 launch of SEA token, half supply allocated to community
