Your resource for web content, online publishing
and the distribution of digital products.
«  
  »
S M T W T F S
 
 
1
 
2
 
3
 
4
 
5
 
6
 
7
 
8
 
9
 
10
 
11
 
12
 
13
 
14
 
15
 
16
 
17
 
18
 
19
 
20
 
21
 
22
 
23
 
24
 
25
 
26
 
27
 
28
 
29
 
30
 
 
 
 

OpenSea and Doodle token teasers are a potential vibes booster for crypto

Tags: finance trade
DATE POSTED:February 14, 2025


This is a segment from the Empire newsletter. To read full editions, subscribe.

Outside of L1s, this was also a big week for token announcements. 

OpenSea teased SEA and a new platform, and Doodle’s plans to launch its own token. 

Does it mean that NFTs are back? Eh. But for The Drop’s Kate Irwin, it’s a vibes booster for people, one that’s perhaps necessary right now.

(ICYMI: The Drop is our newest newsletter, and I’ve been following Irwin’s reporting in Web3 and gaming for a few years now.)

She and I chatted about the tokens and OpenSea’s OS2 and she explained that there’s another part to this: XP, which is not a token but is earnable and is “core” to the OS2 rewards program. 

“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. Nice to have an announcement not focused on memecoins.

My big thing is whether or not this comes a little too late. When Irwin and I chatted this through, she made the sage point that this could be simply because OpenSea was worried about the potential regulatory issues that could arise (they were served with a Wells notice after all) and now, well, that’s no longer a problem.

But, unfortunately for OpenSea, they are following in Magic Eden’s footsteps after it launched a token first. It, notably, hasn’t dulled the excitement around OS2 or SEA though. 

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.

Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your day with top crypto insights from David Canellis and Katherine Ross.
  • Forward Guidance: Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin.
  • 0xResearch: Get alpha directly in your inbox — market highlights, charts, degen trade ideas, governance updates, and more.
  • Lightspeed: All things Solana, in your inbox, every day from Jack Kubinec and Jeff Albus.
  • The Drop: The newsletter for crypto collectors and traders, covering games, tokens, apps, memes and more.
Tags: finance trade