Open Sea partners with BrightAverse to launch OPNC


New York, U.S., March 3, 2022 (GLOBE NEWSWIRE) — Open Sea, the world’s largest NFT (non-fungible token) marketplace, is partnering with BrightAverse to issue its cryptocurrency – Open Coin (OPNC). OPNC is a cryptocurrency that can be used to trade and pay fees on Open Sea. OPNC uses a public and open-source blockchain that supports smart contracts, including non-fungible tokens (NFTs) and a variety of decentralized applications (dApps). OPNC provides network security through staking as well as a means of value transfer.

Open Room Uses

Just like other evolving cryptocurrencies, OPNC offers several uses that go beyond Open Sea, such as

• Trading: OPNC can be traded against other cryptocurrencies on various exchanges, depending on the restrictions set by the exchange.
• Transaction fees on Open Sea: OPNC can be used to pay for transactions on Open Sea, and users also get a discount for this.
• Payment Processing: Merchants can offer OPNC as a payment method for customers, providing more flexibility in payment methods.
• Investment: Several platforms allow investors to invest in stocks, ETFs and other assets using OPNC.
• OPNC staking with higher APY: Buyers can stake OPNC to earn rewards. It’s a simple and less risky way to earn more tokens while keeping the funds intact. It is common knowledge that the annual percentage yield (APY) in crypto is higher than the APY offered by traditional banks.

Open Coin: initial coin offering

Open Coin will launch with an Initial Coin Offering (ICO). As part of the ICO, OPNC tokens were distributed to various participants including angel investors and the Open Sea team.

Here is a brief description of how OPNC tokens were initially distributed:
• Founding team: 40% (80 million OPCNs)
• Angel investors: 10% (20 million OPNCs)
• Public sale: 50% (100 million OPNC)

Of the money that will be raised, 35% will be allocated to upgrading the Open Sea platform and trading system; 50% will be allocated to Open Sea branding, marketing and training new innovators; and the remaining 15% was used as a reserve in case of emergency or unprecedented circumstances.

Burning open rooms

As mentioned in the OPNC white paper, every quarter Open Sea uses 20% of its profits to buy out and burn OPNC, destroying it completely.

OPNC will be burned until it redeems and destroys 100 million OPNC coins, or 50% of the total supply. The practice ensures that the supply of OPNC remains limited, making it scarce and more valuable.

Where to get the OPCC?

Open Coin will launch with an Initial Coin Offering (ICO), OPNC can be purchased on BrightAverse Exchange before it offers the public to buy OPNC from major crypto exchanges.


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