Mike Dudas, co-founder of TheBlock, disclosed on social media yesterday that OpenSea has registered a foundation in the Cayman Islands. Waleswoosh, an anonymous researcher for the Azuki NFT series, also released a screenshot of OpenSea's registration in the Cayman Islands. Typically, Web3 projects register foundations in preparation for issuing coins, which has sparked speculation about the upcoming token launch and user airdrops.

On November 4th, OpenSea co-founder and CEO Devin Finzer announced that the NFT market is planning a comeback. Although Finzer revealed few details, he promised that the revamped OpenSea will launch in December. Matter Labs' community manager "Golem" expressed hope that OpenSea will reward its early users and has the opportunity to reverse its current competitive disadvantage in the NFT market. Community users generally speculate that OpenSea may follow the practices of competitors such as Blur and Magic Eden by issuing tokens to incentivize users.

OpenSea, which has tried to win back users from its competitors, announced zero transaction fees on February 18th of this year in an attempt to recover lost ground to Blur and Magic Eden.