OpenSea launches $1M NFT Flagship Collection and SEA token prize vault, supporting digital art, new artists, and upcoming mobile app.
OpenSea, the biggest NFT marketplace, announced on Monday that it is creating a “Flagship Collection” with over $1 million set aside for culturally important NFTs. The plan starts with CryptoPunk #5273, bought for $282,000 in August, and will later include work from new artists.
Chief Executive Devin Finzer said, “We’ve always said NFTs are culture. The Flagship Collection is about picking the pieces we believe will stand the test of time.”
According to the company, a group of employees and external advisors will help choose assets. The team has also put rules in place to stop any leaks before a purchase is made.
The company’s Chief Marketing Officer Adam Hollander explained, “There are a variety of elements that factor into our buying criteria, ranging from cultural significance, impact on Web3 as a whole, unique expressions of creativity and more.”
He added that some picks will be obvious, while others may surprise, with the aim to put new artists next to older iconic works.
OpenSea is also preparing for the launch of its native token SEA. Starting September 15, the firm will use half of its platform fees to fund a prize vault. It has already added $1 million in Optimism and Arbitrum tokens. Users can unlock rewards by trading NFTs and completing tasks. Token details will be shared by the OpenSea Foundation in early October.
Meanwhile, the Miami-based company, once valued at $13.3 billion during the NFT boom, is also set to roll out a new mobile app and AI trading tools. In July, it acquired Rally, a crypto portfolio app, to boost its mobile push.
Notably, OpenSea has faced legal issues in the past. In 2021, former product manager Nathaniel Chastain was accused of insider trading for buying NFTs using confidential information. He was convicted in 2023, but the ruling was overturned this July.
Also read: Bitget Ignites Catalunya MotoGP with Web3 Fans & BGB Growth
