By
Temitope Olatunji
May 9th, 2024
The OpenSea Deals feature is powered by Seaport protocol to enable P2P NFT trading at scale and securely.
The NFT trading community on OpenSea now will have a new feature to enable P2P trading dubbed Deals. With the new trading feature, the OpenSea NFT trading community can offer a combo of digital artworks and sweeten the deal with Wrapped Ethers (WETH). The NFT marketplace announced that users no longer need to use sketchy DMs and websites to trade their digital artworks since OpenSea Deals provides a seamless platform.
Notably, the OpenSea Deals feature is powered by the Seaport protocol, which was introduced earlier last year. The Seaport protocol is a web3 marketplace project backed by OpenSea that is used for safely and efficiently buying and selling NFTs. Moreover, the Seaport protocol uses open-source core smart contracts, which entail different items including ETH, ERC20, ERC721, and ERC1155.
Introducing Deals: offer your NFTs for theirs, 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 NFTs in return for another user’s NFTs. However, the user must first have a wallet address, and an ENS name or basically an OpenSea username for the person intended to make a deal with.
“Similar to Offers, the user accepting the Deal will pay gas. At this time, Deals transactions won’t include the OpenSea fee or any creator earnings. ERC-721 NFTs from badged collections that are visible in a user’s profile (not hidden) are eligible for Deals,” OpenSea noted.
Meanwhile, OpenSea has been criticized for not being friendly to the community during the crypto bear market. According to Twitter user Aaron (@Aaronsage), the crypto industry currently needs value and not innovation. The Twitter user suggested that OpenSea could have easily launched a crypto token to give back to the community instead of announcing a trading platform since most people are holding their bags in anticipation of future bull rallies.
https://twitter.com/aaronsage/status/1682138205720829952?s=46&t=aOIAwWCC6ISPv5hzJEftVA
OpenSea and Its Market Position
The OpnSea NFT marketplace has enjoyed significant dominance in the digital artwork industry since its official Launch a few years ago. For instance, OpenSea collected revenue of about $600 million in 2022 despite the cryptocurrency industry battling the bear market effects. Nonetheless, the NFT trading volume has significantly declined as more traders recently moved to more promising digital assets like meme coins.
Consequently, OpenSea has been forced to continue innovating in a bid to remain on top of the NFT marketplace competition.
Meanwhile, the rising use of NFTs in different industries including the luxury sector to eliminate counterfeit products has given OpenSea huge growth prospects. Furthermore, the use of phygital by different blockchains including Shiba Inu, and VeChain has increased the overall NFT traded volume. Additionally, the exponential growth of the metaverse and GameFi industry has given the NFT market more utility away from mere speculation.