In recent days, the NFT market has faced a sharp decline in NFT values. This is partly due to general trends in the crypto market, but there is another factor.
Current issues in the NFT market: Opensea
Over the past week, Kaito Genesis NFT collects and the performance of the chunky penguin, the recovery of the cryptocurrency market has given particular examples, which suffered a disruption following the announcement of Opensea Airdrop. Specifically, the program enables users to accumulate OpenSea XP, a program that is an indicator of subsequent distribution of $Sea Airdrop tokens.
learn more: What is Opensea?
To earn Opensea XP (Experience Point), users need to actively interact with the platform, not just buy or sell NFTs. The following are:
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Create and maintain a competition list: On the floor price of a collection or near NFT, it can help maximize XP. This means setting the price of NFT to the lowest price currently listed in similar items in the collection to increase the likelihood of selling.
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Collect offer: Putting a offer on NFTs in a qualified collection can also win XP. The higher the bid, especially if it is the highest bid, the higher the XP users may earn. Note that only the highest bid count XP, not the second highest or lower bid.
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Actively participate: XP is often associated with the active use of the platform. This includes participating in activities involving activities that Opensea may introduce or highlight as XP exercises.
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Surprise XP Shipping/Box: Opensea mentioned the possibility of earning XP by opening “XP Cargo/Box”, although details about how these work or when they are available are not detailed in the information provided.
These collections must be approved by Opensea for users to earn XP operations. Additionally, once the NFT lists or sells the offer, XP is obtained from that particular action stop.
This inadvertently leads traders to intentionally lower NFT price bids, aiming to maximize XP returns rather than engaging in direct buying transactions (no XP generation).
Prices for many famous collections including Mayc, Milady and Kaito Genesis have dropped significantly.
Opensea’s hasty retreat
Under pressure, Opensea CEO Dfinzer.eth announced the suspension of the program due to the ineffectiveness of the program.
We’ve heard feedback from the current XP system
Although we think liquidity rewards are inherently bad (see more below), we learn that there are a lot of strong emotions on the point-to-point system and…
– dfinzer.eth | Opensea (@dfinzer) February 18, 2025
