SOS, an airdrop from OpenDAO distributed to people who have spent money on OpenSea transactions, has surged 1,000 percent in two days as a result.
Although OpenDAO is not affiliated with non-fungible token (NFT) marketplace OpenSea, any user who has ever spent money on OpenSea could claim the Ethereum token SOS, with the amount determined by exactly how much users have spent.
Up to 240,000 Users Claim SOS Token
Since Christmas Eve, the popularity of the project has led to about 240,000 people claiming the SOS token, which pushed its value up 1,000 percent.
Tokens were dropped by OpenDAO, an independent decentralised autonomous organisation (DAO) that has pledged to use some of the tokens it had earmarked for itself to compensate users of OpenSea for past scams, and to support the ever-growing NFT industry.
On Christmas Day, SOS was the largest gainer on CoinMarketCap, and by Boxing Day the token had risen to a market cap of US$321 million. The project’s Discord had about 50,000 members, and 100,000 people were following OpenDAO’s Twitter account.
How to Claim Your SOS
The more a person has traded, the more tokens that person is able to claim. OpenDAO calculates how many tokens are allocated based on transactions conducted prior to December 23. Any OpenSea transactions concluded after that date would not factor in the calculation.
For a short tutorial on the claims process, watch this informative video on YouTube:
OpenSea Thrives Following a Flurry of Issues
Amid the NFT boom, OpenSea appears to be thriving despite experiencing some issues. Earlier in 2021, the marketplace managed to raise US$23 million in a Series A round of funding to scale its NFT marketplace. Following a significant period of growth in the NFT market, OpenSea started experiencing some issues during September. Early that month, a bug was found on the marketplace that destroyed at least 42 NFTs worth around US$100,000.
Just a week later, OpenSea’s product lead Nate Chastain was accused of insider trading of NFTs promoted on the front page of the platform. The allegations were confirmed by the OpenSea team, and Chastain has since resigned from his position.
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