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OpenSea introduces new P2P mechanism to revolutionize NFT trading

OpenSea lays off half of its employees amid restructuring plans
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TL;DR

  • OpenSea, a leading NFT marketplace, introduces “Deals,” a new feature enabling direct peer-to-peer NFT swaps.
  • Traders can trade NFTs and wrapped ether (WETH), enhancing their collections and avoiding risky transactions through third-party platforms.
  • Deals are powered by OpenSea’s advanced NFT trading platform, Seaport, and are introduced amid competition with Blur’s zero-fee marketplace.

OpenSea, the prominent Non-Fungible Token (NFT) marketplace, has introduced a novel peer-to-peer trading mechanism named “Deals”. Announced yesterday, the feature is intended to enrich user trading experience by adding a new layer of transactional freedom to the platform.

It important to note that Deals empowers traders to engage in peer-to-peer NFT swaps, strengthening their collections and establishing direct connections with fellow collectors. With the aim of fostering trust and preventing traders from falling prey to unscrupulous practices on various platforms, OpenSea’s Deals feature is set to revolutionize the NFT trading landscape.

About OpenSea “Deals”

The essence of the Deals feature lies in enabling collectors to trade NFTs directly with each other, without the involvement of intermediaries or third-party platforms. This approach aims to eliminate the risks associated with dealing through “sketchy DMs and websites” that some collectors have encountered in the past. As the NFT market continues to evolve, this direct approach fosters a sense of security and confidence among traders.

The Deals functionality allows users to initiate a trade by entering the username, ENS name, or wallet address of the person they wish to trade with. Subsequently, traders can select up to 30 NFTs for the trade and have the option to include wrapped ether (WETH) to “sweeten the deal.” Such flexibility empowers traders to craft personalized and enticing offers.

To ensure a smooth and efficient trading process, OpenSea mandates that both sides of the deal involve NFTs from the same chain and originate from badged (verified) collections. By adhering to these requirements, the platform aims to maintain the integrity of each transaction and uphold its reputation as a reliable marketplace.

When a user receives a Deal proposal, they have the freedom to accept or reject it based on their preferences. Should a trader accept the Deal, they will be responsible for any gas fees incurred during the transfer. However, it is worth noting that Deals swaps will not involve any OpenSea fees or creator royalties.

OpenSea’s introduction of the Deals feature comes at a crucial juncture as it competes with leading zero-fee marketplace Blur. Blur’s emergence since October has posed a formidable challenge to OpenSea’s market share. In May, Blur launched Blend, its native lending platform, which remarkably secured an impressive 82% of overall NFT trading volume within its first three weeks.

The new Deals feature is expected to bolster OpenSea’s standing in the NFT market. Despite conceding its leading marketplace position to Blur, OpenSea still boasts the highest number of listed collections and user accounts. This impressive user base positions OpenSea for a potential comeback, given its proactive approach to introducing innovative features like Deals.

Deals are powered by OpenSea’s native NFT protocol, Seaport, which was unveiled to the public in June 2022. Seaport serves as an advanced NFT trading platform that underpins the seamless execution of NFT swaps.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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