OpenSea will raise trading fees to 1% and use half of the fees to fund a rewards pool, including Optimism and Arbitrum tokens.
OpenSea is setting the stage for a major shift in its user engagement strategy. With the October 15 deadline approaching, users will need to link their Ethereum Virtual Machine (EVM)-compatible wallets to access upcoming NFT drops and be eligible for the highly anticipated SEA token rewards.
To ensure that users can fully benefit from OpenSea’s Treasure Chests program, they must act before October 15. Those who do not link an EVM wallet will not be able to participate in most of the important rewards, such as the upcoming $SEA token airdrop. The incentives are mostly linked to EVM chains, meaning that users without an EVM wallet are unlikely to have any incentive opportunities.
OpenSea has been aggressively pushing its community, specifically users who log into the platform using Web2 or Solana wallets, to connect to an EVM wallet.
“No EVM wallet? No EVM prizes,” the platform appears to be clear on who can receive prizes. The rewards, in particular, the SEA token and the NFTs, will be inaccessible to those who do not seize this opportunity, and the deadline will only increase in importance.
What’s OpenSea offering in its Treasure Chests program?
The Treasure Chests program ends on the same day, creating a sense of urgency. The role of the chests, especially the Solar tier, will be the determinant of the amount of SEA tokens issued during the token generation event (TGE). These chests are high-risk; they might yield significant payoffs or disappointing outcomes.
Solar chests in the upper category promise the greatest profits. Nonetheless, as a long-time NFT player, the Cape states that the high risk associated with these chests could either lead to a huge payoff or no payoff.
This news comes as OpenSea has recently announced that it is raising its trading fee to 1% from 0.5%. OpenSea said it would also introduce a 1% trading fee on NFTs and a 0.85% fee on token swaps.
To increase user engagement and create excitement about the SEA token launch, OpenSea will withdraw half of these new fees into a rewards pool that will support pre-token launch incentives. The already existing pool of $1 million of Optimism (OP) and Arbitrum (ARB) tokens will expand with more NFTs and tokens and allow their allocation via a treasure chest system, which is gamified.
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