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Blockworks 2025-02-14 14:35:56

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

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

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. Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter . Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter . Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more. The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

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