OpenSea Launches Seaport Marketplace Protocol Allowing NFT Bartering

Bishal Kumar Chanda
22.05.2022

Non-fungible token marketplace OpenSea announced launching its new marketplace protocol, Seaport, for “safely and efficiently buying and selling NFTs.” Furthermore, the Seaport marketplace protocol will also enable its users to obtain NFTs using various assets other than crypto. 

Seaport - New Barter System For NFTs

According to OpenSea’s blog post, users “can agree to supply a number of ETH / ERC20 / ERC721 / ERC1155 items” for NFTs. Thus, it implies that Seaport will support bartering a combination of tokens as a payment method. 

For instance, if you own a 60 ETH CryptoPunk and want a 100 ETH Bored Ape, you can offer your CryptoPunk and 40 ETH. 

OpenSea announces new NFT marketplace protocol Seaport.

Reportedly, Seaport listings will have the same basic structure, including an upgraded EIP-712 signature payload. Also, it outlines what users can spend and what they can receive back. 

Moreover, Seaport users can specify the criteria like traits or pieces part of the collection they want when making offers. Also, the platform will support tipping as long as it doesn’t exceed the original NFT offer. 

OpenSea clarified that it would not “control or operate” the Seaport marketplace protocol. Instead, it’s an independent open-source protocol for multiple developers to build upon, apart from OpenSea. “As adoption grows and developers create new evolving use-cases, we are all responsible for keeping each other safe,” the popular NFT marketplace added. 

Meanwhile, OpenZeppelin conducted a security audit of the protocol, revealing no significant vulnerabilities at the time. Furthermore, OpenSea has invited all developers to participate in an audit competition with a total prize value of $1 million. Further, the competition will last two weeks, helping OpenSea optimize security and find errors in the early stages of development. 

Twitter user EffortCapital investigating how Seaport compared to other 0x v4 NFT swaps.

OpenSea’s recent announcement has met with mixed feelings across Crypto Twitter. In fact, some have expressed confusion over concepts in the new marketplace protocol. 

Furthermore, Twitter user EffortCapital urged others to investigate how Seaport compared to 0x v4 NFT swaps. Also, Twitter user phuktep questioned how trading both NFTs and ETH for a single token would reflect on tax forms. 

Other Developments by OpenSea

The Seaport marketplace protocol launch follows OpenSea’s acquisition of NFT marketplace aggregator Gem in April. In fact, OpenSea made the earlier acquisition to improve the experience of seasoned users. 

Also, OpenSea said that Gem would continue operating as a standalone product. However, OpenSea plans to integrate Gem features into its platform, including a collection floor price sweeping tool and rarity-based rankings.

OpenSea’s Quest For Market Dominance

While OpenSea has declined in the past three months, it is still the number one NFT marketplace. After a $300 million funding round earlier this year, OpenSea is valued at $13.3 billion

Magic Eden crosses OpenSea in percentage growth. Credit: DappRadar.

However, Solana’s dominant marketplace Magic Eden has seen its daily transactions top OpenSea’s. While OpenSea dominates Magic Eden in numbers, Magic Eden is in the lead regarding percentage growth. 

As a result, OpenSea has been forced to step up its game for dominance in the NFT space. Thus, OpenSea has been improving upon its features while also integrating other blockchains networks such as Solana.

Stay on the pulse of NFTS

Gain access to exclusive interviews with industry leaders, think pieces, trend forecasts, guides and more

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
By subscribing, you agree to our Terms of Use and Privacy Policy

READ THIS NEXT

LATEST QUESTIONS
No items found.