OpenSea Revolutionizes NFT Swaps with ‘Deals’ Feature

Non-fungible token (NFT) enthusiasts have a reason to rejoice as OpenSea NFT marketplace, announced the launch of a groundbreaking feature called “Deals.” This new addition to the platform is designed to facilitate peer-to-peer NFT swaps, allowing collectors to bolster their collections and engage directly with crypto payment gateway.

OpenSea NFT revealed through a tweet that the Deals feature offers a unique twist by enabling traders to include wrapped ether (WETH) to “sweeten the deal.” This means that collectors can not only exchange NFTs but also add cryptocurrency products value to the trade, making the process even more enticing.

The feature’s functionality is made possible by OpenSea’s native NFT protocol, Seaport, which underpins the Deals mechanism. By leveraging Seaport, OpenSea aims to create a trustworthy environment for NFT swapping, shielding users from the risks of falling victim to “sketchy DMs and websites” that are often associated with such transactions.

The Deals webpage provides users with a user-friendly interface to initiate trades. Traders can easily enter the username, ENS name, or wallet address of the person they wish to strike a deal with. Additionally, they can select up to 30 NFTs from their collections and specify the amount of WETH they want to include in the swap, if any.

Once the assets and terms are finalized, users can send the deal for consideration. However, there are some requirements to be met for a successful swap. Currently, OpenSea mandates that the NFTs involved in the deal must be on the same chain and sourced from badged (verified) collections. This ensures a level of authenticity and reliability in the trading process.

New Advantage of OpenSea NFT 

Furthermore, OpenSea’s Deals have a notable advantage in terms of transaction fees. Although the user accepting the deal is responsible for paying any gas fees required for the transfers, OpenSea itself does not impose additional fees for using the Deals feature, and creators will not be charged any royalties during these swaps.

The introduction of Deals marks another chapter in the fierce competition between OpenSea and the leading zero-fee marketplace, Blur. Since its launch in October, Blur has been challenging OpenSea’s market share, and in May, it further solidified its presence with the successful launch of its native lending platform, Blend. Incredibly, Blend managed to capture a whopping 82% of the overall NFT trading volume within its first three weeks.

As the NFT market continues to evolve, OpenSea’s innovative Deals feature is sure to attract attention and participation from collectors seeking seamless, secure, and direct ways to expand their NFT portfolios. With OpenSea’s reputation and the utility of its native protocol Seaport backing it, Deals could become a game-changer for the NFT community and further strengthen OpenSea’s position in the competitive NFT marketplace landscape.

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