Coinbase Deletes Tweet on Alleged OpenSea $3 Billion Token Sale

Coinbase briefly shared and then removed details of a reported SEA token sale for OpenSea, priced at $0.3 USDC with no lockup, targeting $150 million at a $3 billion FDV.

USDC

Summary

Coinbase reportedly posted, then deleted, information about an upcoming SEA token sale for NFT marketplace OpenSea. The removed post stated the sale would occur next week at $0.3 USDC per token, with a fully diluted valuation of $3 billion. It would involve 5% of token supply, have no lockup period, and aim to raise $150 million. The deletion sparked speculation, with no official clarification issued by Coinbase.

Terms & Concepts
  • Fully Diluted Valuation (FDV): A projected market capitalization of a cryptocurrency if all possible tokens were in circulation.
  • NFT Marketplace: An online platform where non-fungible tokens are bought, sold, or traded.
  • Token Sale: The process of offering newly issued cryptocurrency tokens for purchase, usually to raise funds for a project.