OpenSea sweetens NFT trade with new ‘Deals’ feature

OpenSea sweetens NFT trade with new ‘Deals’ feature

In a bid to revolutionize the digital collectibles landscape, OpenSea has announced the introduction of ‘Deals’. This feature permits peer-to-peer (P2P) trading of NFTs, offering traders a unique opportunity to enhance their collections while directly interacting with other enthusiasts.

Trading on OpenSea: A deal to die for

OpenSea, known for its innovative approaches, once again places its trust in the hands of the collectors. The ‘Deals’ feature allows them not just to trade NFTs amongst themselves but to add a splash of wrapped ether (WETH) to make these exchanges even more tempting. 

But that’s not all. This exciting addition is backed by OpenSea’s native NFT protocol, Seaport, ensuring a seamless trading experience.

Avoiding the off-platform abyss

One key aim of the ‘Deals’ feature is to enhance the trustworthiness of NFT swapping, providing a safety net for collectors who previously risked being drawn into dubious dealings via direct messages and sketchy websites.

Users now have the luxury of inputting a username, ENS name, or wallet address of the person they desire to strike a deal with. After selecting up to 30 NFTs and the desired amount of WETH (if any), traders can select the assets they wish to trade and send their offer.

For OpenSea, it’s all about keeping it fair and square. As such, the ‘Deals’ feature currently mandates that the NFTs involved in a deal be from verified collections and on the same blockchain. Those who accept a Deal are responsible for paying any associated gas fees. However, OpenSea has reassured traders that the ‘Deals’ swaps will not incur OpenSea fees or require payment of creator royalties.

Blurring the line between competition and innovation

OpenSea’s move towards user-friendly NFT trading comes amidst stiff competition from the zero-fee marketplace, Blur. Since its launch in October, Blur has been steadily chipping away at OpenSea’s market share

Its native lending platform, Blend, made a bold statement, capturing 82% of overall NFT trading volume within the first three weeks of its introduction. But, with OpenSea’s ‘Deals’, the game may yet tilt in their favor.

In the end, it’s all about providing users with a reliable, safe, and user-friendly platform to trade NFTs. OpenSea’s ‘Deals’ feature, backed by its Seaport protocol, offers an innovative solution to off-platform risks while inviting more users to participate in the ever-evolving world of NFTs. With this move, OpenSea might just have reinvented the art of the deal in the NFT universe.

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