New York , United States, March 03, 2022 (GLOBE NEWSWIRE) — 
The world’s largest NFT (non-fungible token) marketplace, Open Sea, partners 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, 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 transferring value.
Uses of Open Coin
Just like other evolving cryptocurrencies, OPNC offers several uses that go beyond Open Sea, such as
• Trading: OPNC can be traded for 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 receive a discount for doing so.
• Payment processing: Merchants can offer OPNC as a means of payment for customers, offering more flexibility in payment methods.
• Investment: Several platforms allow investors to invest in stocks, ETFs, and other assets using OPNC.
• Staking OPNC With Higher APY: Buyers can stake OPNC to earn rewards. This is a simple and less-risky way to earn more tokens while keeping funds intact. It is common knowledge that the annual percentage yield (APY) in crypto is higher than the APY that traditional banks offer.
Open Coin: Initial Coin Offering
Open Coin will be launched with an initial coin offering (ICO). As part of the ICO, OPNC tokens were distributed among various participants, including angel investors and the Open Sea team.
Here’s a brief breakdown of how OPNC tokens were initially distributed:
• Founding team: 40% (80 million OPNC)
• Angel investors: 10% (20 million OPNC)
• Public sale: 50% (100 million OPNC)
From the money that will be raised, 35% will be allocated to upgrading the Open Sea platform and exchange system; 50% will be allocated for Open Sea branding, marketing, and education of new innovators; and the remaining 15% was used as a reserve in case of any emergencies or unprecedented circumstances.
Open Coin Burning
As mentioned in the OPNC whitepaper, every quarter, Open Sea uses 20% of its profits to buy back and burn OPNC, destroying them completely.
OPNC will be burnt until it buys back and destroys 100 million OPNC coins – 50% of the total supply. The practice ensures that the supply of OPNC remains finite, making it scarce and more valuable.
Where to get OPNC?
Open Coin will be launched with an initial coin offering (ICO), OPNC can be purchased on BrightAverse Exchange before it offers public to buy OPNC from major crypto exchanges.
Website: https://brightaverse.io/
