What Is SOS Coin And How Can OpenSea Users Claim It?

Airdrops have become a pretty well-known term in the cryptocurrency and NFT community. A new airdrop rewarded people who purchased NFTs on OpenSea, a leading NFT marketplace. Here’s the details.

What Happened: Launched as “the token for the largest NFT community, to pay tribute, to protect, to promote,” SOS Foundation coin SOS/USD was made available to claim this week. The token is not officially associated with OpenSea and comes from a group called The OpenDAO.

“$SOS is grateful to all NFT creators, collectors and markets for nurturing the entire NFT ecosystem. Special thanks to OpenSea for its leadership in promoting NFT trading. To pay tribute, we have chosen OpenSea collectors to conduct our airdrop,” The OpenDao website says.

The SOS token is split as follows:

50% airdrop to OpenSea users

20% staking incentive

20% OpenDAO

10% liquidity incentives

A snapshot was taken on Dec. 23 tracking how much $SOS is claimable for each account. The claimable amount is based on two factors: the money spent on OpenSea (70% of multiple) and the number of transactions on OpenSea (30% of multiple).

The airdrop follows a similar move launched by Ethereum Name Service, which launched a coin of the same name ENS/USD. Each account received a range of around 200 to 1,000 ENS. The token hit a high of $85.69 since launching. ENS currently trades at $39.16 at the time of writing.

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How To Claim SOS: The OpenDAO website offers three steps to claim the SOS token for OpenSea users.

The first step is to connect your wallet, which will show how many NFTs were purchased and how much money was spent on OpenSea. The second step is to estimate your reward, which is based on the two metrics and will be shown on screen. The third step is to initiate your claim. Users can add the SOS to their wallets and choose to hold or swap it to a different cryptocurrency.

Users have until June 30, 2022, to claim their SOS token. Any remaining SOS unclaimed will go to the DAO treasury.

The OpenDAO is working to add partners that will utilize the SOS token. One of the first adopters is Shopping.io, which is allowing holders to use their SOS.

SOS Price Action: SOS trades at $0.002504 at the time of publication Wednesday. The coin has traded between $0.00062697 and $0.00088451 since the airdrop began.

Photo by Towfiqu barbhuiya on Unsplash