OpenSea Reveals 'Flagship' NFT Treasury Stockpile as SEA Token Drop Nears

OpenSea said it has committed more than $1 million to acquiring culturally relevant NFTs for a new Flagship Collection, ahead of the launch of its native ecosystem token, SEA. The collection will begin with CryptoPunk #5273, which was last purchased for $282,000 on August 25 and transferred to a new address on Monday. OpenSea CEO Devin Finzer said the firm aims to pick pieces that "will stand the test of time," and the company plans to start using 50% of its platform fees for a prize vault on September 15, seeded with $1 million in ARB and OP tokens. The OpenSea Foundation is expected to share SEA tokenomics in early October.