OpenSea Introduces ‘Deals’: A New Era of Peer-to-Peer NFT Swaps

OpenSea Introduces 'Deals': A New Era of Peer-to-Peer NFT Swaps

The well-known NFT marketplace, OpenSea, made an important statement on Thursday that has attracted the interest of both the crypto community and NFT enthusiasts. OpenSea launches “Deals,” a P2P NFT swap tool to enhance collections and enable direct interaction among collectors.

OpenSea aims to revolutionize NFT trading by providing a secure and straightforward peer-to-peer platform through Deals. Adding to its appeal, Deals allow traders to include wrapped ether (WETH) in transactions, enhancing their offers.

The Seaport native NFT protocol, which supports the platform’s full NFT ecosystem, powers OpenSea’s Deals feature. This integration highlights OpenSea’s dedication to utilizing cutting-edge technologies to give NFT aficionados a robust and convenient marketplace.

Deals’ major goal is to allay the doubts people have about NFT swapping’s reliability. NFT traders often face risks dealing with dubious DMs and unreliable external websites. With Deals, OpenSea hopes to establish a secure setting where collectors can comfortably participate in peer-to-peer exchanges on the site.

Through the new tool, starting a deal is a simple process. After entering recipient details, users select up to 30 NFTs for the swap. Users can even designate how much WETH they wish to add to the exchange to sweeten the bargain, giving the procedure even more flexibility.

Once users establish the assets and ETH allocation, they can send the contract for consideration to the target recipient. It is crucial to keep in mind that OpenSea currently requires that the NFTs engaged in the transaction be on the same blockchain and obtained from “badged” collections, which are verified collections.

OpenSea “Deals”: Enhancing NFT Trading and Community Engagement

The users starting the swap will be liable for paying the petrol costs necessary for the transfer if the recipient accepts the offer. Notably, OpenSea has chosen not to charge any additional fees for Deals swaps as of right now, and they will not impose creator royalties.

The launch of Deals, according to an OpenSea representative, is motivated by a desire to promote increased NFT community engagement. OpenSea aims to attract more customers by streamlining the swapping process. The platform also seeks to eliminate off-platform risks, enhancing the overall trading experience.

The NFT market has seen intense competition, with top zero-fee marketplace Blur challenging OpenSea. Blur has made an effort to take market share away from OpenSea ever since its October launch. Blur debuted its native loan platform, dubbed “Blend,” in May. Within its first three weeks, Blend quickly attracted a sizable share of the total NFT trading activity. 

Deals are expected to bolster OpenSea’s status as a leading NFT marketplace. Users will have more opportunities to explore the world of non-fungible tokens with platform upgrades.


About Valbona

I am a passionate and dedicated student studying Computing and Information Technology at an American university. With a love for reading, writing, and research, I possess technical and problem-solving skills. I have a vision to make a meaningful impact in the world of technology, I aspire to develop innovative solutions that improve lives and empower individuals in the digital age.

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