The bustling hub for trading and acquiring NFT collectibles, OpenSea, has unwrapped its new innovative ‘Deals’ feature to streamline the swapping process among traders and collectors.
Deals will improve NFT anthologies by enabling collectors to trade their digital assets and add wrapped ether (WETH) as an added bonus. This intriguing feature, powered by OpenSea’s trademarked NFT protocol Seaport, underlines the secondary marketplace’s commitment to creating a more resourceful and secure trading platform.
Introducing Deals: offer your NFTs for theirs, securely on OpenSea.
— OpenSea (@opensea) July 20, 2023
The Mechanics of Crafting the Perfect ‘Deal’
The initial steps of Deals involves users cherry-picking the assets they wish to trade, after which they can expedite the Deal into the review process. It’s worth highlighting that OpenSea currently mandates that buyers and traders must hold the identical blockchain and verified collections for transitions to occur.
Once the Deal is accepted, the user must pay any transfer-related gas fees. However, as a welcome boon for users, OpenSea is not commanding fees on Deals swaps, nor does it require paying creator royalties.
The reason behind the marketplace’s new addition is to promote equal access, making the trading process simpler and easily accessible for all. By taking full advantage of Seaport’s power, the marketplace utilizes a safer experience for NFT collections, scaling down potential risks linked to off-platform trades.
Moreover, the debut of this novel attribute comes amidst continuous rivalry with Blur, the zero-fee marketplace that has been challenging OpenSea’s market share since hitting the spotlight in October — capturing 82% of NFT trading volume just three weeks later. Increasingly testing OpenSea is Blur’s native lending platform Blend, which launched in May.
Despite OpenSea recently fighting back by launching a pro marketplace, the platform’s effort to decongest NFT trading through Deals underlines its desire to maintain strong standing in the NFT sphere.
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