OpenSea Deals is powered by the Seaport protocol to enable large scale and secure P2P NFT trading.
The NFT trading community on OpenSea will now have a new feature to enable dubbed P2P trades. With the new trading feature, the OpenSea NFT trading community can offer a collection of digital artifacts and sweeten the deal with Wrapped Ethers (WETH). The NFT Market has announced that users no longer need to use DMs and websites to trade their digital artwork because OpenSea Deals provides a seamless platform.
Notably, the OpenSea Deals feature is powered by the Seaport protocol, which was introduced earlier last year. Seaport Protocol is a web3 marketplace project powered by OpenSea that is used to buy and sell NFTs securely and efficiently. Moreover, the Seaport protocol uses open-source core smart contracts, which involve various elements including ETH, ERC20, ERC721, and ERC1155.
Submit Deals: Offer your NFTs securely on OpenSea.
👉 https://t.co/bTciJLUWDK pic.twitter.com/KR2MLbi7jh
– OpenSea (opensea) July 20, 2023
With the Make a Deal OpenSea feature, users can offer one or more of their own NFTs in exchange for another user’s NFTs. However, the user must first have a wallet address, the ENS name or basically the OpenSea username of the person with whom he intends to make a deal.
“Similar to the offers, the user who accepts the transaction will pay for the gas. Currently, transaction transactions will not include OpenSea fees or any creator earnings. ERC-721 NFTs from groups with badges that appear on the user’s profile (not hidden) are eligible for the deals,” OpenSea male.
Meanwhile, OpenSea has been criticized for not being friendly to the community during the cryptocurrency bear market. According to Twitter user Aaronage (@Aaronsage), the crypto industry currently needs value, not innovation. A Twitter user suggested that OpenSea could have easily launched a cryptocurrency to give back to the community instead of advertising an exchange since most people are holding their bags in anticipation of future price hikes.
– Disable creator royalties
– OpenSea Pro
– NFT tradingAll the things that this space doesn’t currently need
However, the braindead OpenSea team has implemented it
– Aaron (@AaronSage) July 20, 2023
OpenSea and its market position
The OpnSea NFT market has a huge dominance in the digital art business since its official launch a few years ago. For example, OpenSea has raised about $600 million in revenue in 2022 despite the cryptocurrency industry battling the effects of the bear market. However, NFT trading volume has dropped significantly as more traders have recently moved into promising digital assets such as meme coins.
Thus, OpenSea has had to keep innovating in an effort to stay ahead of the NFT market competition.
Meanwhile, the increasing use of NFTs in various industries including the luxury sector to crack down on fakes has given OpenSea huge growth prospects. Moreover, the use of phygital by various blockchains including Shiba Inu and VeChain has increased the total volume of trading in the NFT. Additionally, the exponential growth in the metaverse and GameFi industry has given the NFT market more interest beyond mere speculation.
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