OpenSea Enables NFT Bartering With its New Web3 Marketplace Protocol

Popular NFT marketplace OpenSea just launched a new Web 3.0 protocol called Seaport to buy and sell NFTs, according to an official announcement. This marketplace protocol would make it easier for users to buy and sell NFTs more easily and seamlessly.

The new Seaport protocol allows users to buy NFTs in multiple innovative ways. Buyers using Seaport can now merge different assets to buy an NFT, whereas earlier, only cryptocurrency could be exchanged for an NFT. For example, if you are the owner of a 40ETH doodle, and you want an ape worth 100 ETH, you can offer your doodle NFT and pay the rest through 60 ETH. Moreover, Seaport users can also do a budding on NFTs through certain features from a random collection. This feature is meant for events where bidders don’t care what type of NFTs they purchase, as long as it bears the characteristic they want.

For example, when a buyer wants to buy NFTs with a certain expression (say happy), they can bid on any ape with the same expression from the BAYC collection.  Additionally, the marketplace also supports a tip function; however, the buyers need to ensure the amount does not exceed the original suggestion of the marketplace.

Other platforms, such as SudoSwap, which enables a user to barter for NFTs, offer this kind of functionality today. However, this feature is now becoming native to Seaport.

OpenSea Won’t Fully Control the Protocol

OpenSea says it does not completely control or run the Seaport marketplace protocol, and the company itself is one of many Seaport developers. In addition, OpenSea positions itself as a shared and open resource for Seaport developers.

 “OpenSea does not control or run the protocol — we will just be one, among other developers, building on top of this shared protocol,” said OpenSea in a tweet. “As the platform gains more users and developers build new ground-breaking use cases, we are all responsible for maintaining the integrity of the platform and each other.”

What OpenSea is developing is implied at nurturing Seaport for the overall crypto community, positioning the protocol as a valuable resource that is available at every corner of the world. What’s more, the company invited all its developers to take part in an audit competition for the marketplace with a total prize of approximately $1 million. The competition would last 2 weeks to help strengthen the security features and find errors that arise during the developmental stages of the platform.

In any case, although the NFT market has had a catastrophic collapse since the beginning of this year, OpenSea has not “fazed” and continues to prove its potential in the market as the number one NFT marketplace. The company is currently valued at a whopping $13.3 billion, following a $300 million funding round earlier this year when it took control over the majority of the sector’s trading volume.

In another report, OpenSea announced the acquisition of GEM.xyz, a leader in providing NFT aggregator solutions. The acquisition comes as part of the company’s goal to expand its business and strengthen its position in the overall market. During the acquisition, OpenSea said that Gem would function as a standalone product; with the company planning to integrate the latter’s features. Among these features are a collection floor price sweeping tool and the inclusion of rarity-based rankings. Moreover, the company has also established a private investment fund to nurture the NFT ecosystem known as OpenSea Ventures.

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