OpenSea Delays SEA Token Indefinitely as NFT Market Plunges 68% in 12 Months

According to DL News, OpenSea CEO Devin Finzer announced on March 16, 2026, the indefinite postponement of the SEA token launch originally scheduled for March 30, citing challenging market conditions and preparation needs. "A delay is a delay. I'm not going to dress it up, and I know how it lands," Finzer said.

The NFT market capitalization plummeted from approximately $9 billion in January 2025 to roughly $2.7 billion by early 2026, a 68% decline in twelve months. OpenSea's market share has collapsed from roughly 95% at peak to approximately 29%, eroded by competitors Blur and Magic Eden. The company reduced its workforce from 750 to approximately 110 employees and pivoted to a multi-chain crypto trading aggregator spanning 22 blockchains.