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OpenSea launches Seaport NFT marketplace

TL;DR Breakdown
  • OpenSea announced the launch of Seaport NFT marketplace
  • Users can use a barter system on Seaport
  • Users express concern over the concept of Seaport

OpenSea has announced the launch of a new marketplace, Seaport, solely to exchange NFTs. According to the NFT marketplace, this new platform will support Web3 and provide an efficient environment for prospective buyers and sellers of nonfungible tokens. According to the update, the new marketplace is set up to offer barter-like services to holders of various NFTs across the market.

OpenSea says users can barter on Seaport

In the update that is available on the OpenSea blog, prospective buyers and sellers of NFTs can choose to offer one NFT in exchange for another using the platform. Also, the platform noted that users can only offer ERC-based items as a medium of exchange. However, this points towards a barter system without cash payments for buying NFTs.

In addition to the above listed, NFT buyers and sellers will be able to state their requests when choosing the kind of NFTs they intend to exchange. The platform will also enable a tipping option and would be allowed as long as the tips do not override the initial amount of the listed artworks. However, OpenSea has said via the statement that it will not assume control over the newly launched marketplace.

Users express concern over the concept of Seaport

In the statement on its website, the platform noted that it would just be one of the few members managing the platform. OpenSea pointed out that more users will be saddled with more security responsibilities should the platform continue to onboard in the coming years. However, users across different social media have expressed concern and confusion over the modus operandi of the new platform. While some of them are still not getting the set up of the platform, others are worried about the standard of exchange.

According to several users, a person can choose to list their works at a very high price, while another can choose to exchange them for a very small NFT. Others have also pointed out that it would be hard to fill tax forms with this new method of exchanging NFTs instead of paying outrightly for them. This latest launch is coming off the back of the recent acquisition made by OpenSea. The platform took over Gem, intending to push the adoption of NFTs through mind-blowing services. Although OpenSea at the period said the new acquisition would function as a lone entity, it is now trying to onboard the platform’s features on its NFT marketplace.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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