- OpenSea, a prominent NFT marketplace, introduces “Deals,” a peer-to-peer trading feature for NFTs.
- Deals allow collectors to trade NFTs directly with each other, enhancing security and trust in transactions.
- OpenSea’s Deals feature aims to compete with Blur’s zero-fee marketplace and boost its position in the NFT market.
OpenSea, the well-known Non-Fungible Token (NFT) marketplace, has launched a new peer-to-peer trading mechanism called “Deals.” The feature, which was announced yesterday, is intended to improve user trading experiences by adding a new layer of transactional freedom to the platform.
It is important to note that Deals enable traders to participate in peer-to-peer NFT swaps, thereby strengthening their collections and establishing direct connections with other collectors. OpenSea’s Deals feature is set to revolutionize the NFT trading landscape by fostering trust and preventing traders from falling victim to unscrupulous practices on various platforms.
About OpenSea “Deals”
The Deals feature allows collectors to trade NFTs directly with one another without the use of intermediaries or third-party platforms.
This method seeks to eliminate the risks associated with dealing with “sketchy DMs and websites” that some collectors have encountered in the past. As the NFT market evolves, this direct approach provides traders with a sense of security and confidence.
Users can initiate a trade by entering the username, ENS name, or wallet address of the person they want to trade with into the Deals functionality. Following that, traders can choose up to 30 NFTs for the trade, with the option of including wrapped ether (WETH) to “sweeten the deal.” Such adaptability enables traders to create personalized and appealing offers.
OpenSea requires that both sides of the transaction involve NFTs from the same chain and originate from badged (verified) collections to ensure a smooth and efficient trading process. By adhering to these guidelines, the platform hopes to preserve the integrity of each transaction and maintain its reputation as a trustworthy marketplace.
When a user receives a Deal proposal, they can accept or decline it based on their preferences. If a trader accepts the Offer, they will be liable for any gas costs incurred during the transfer. It is worth noting, however, that Deals swaps will not incur any OpenSea fees or creator royalties.
The introduction of the Deals feature by OpenSea comes at a critical juncture in its competition with the leading zero-fee marketplace Blur.
Since its debut in October, Blur has posed a formidable challenge to OpenSea’s market share. Blur launched Blend, its native lending platform, in May, capturing an impressive 82% of total NFT trading volume in its first three weeks.
Adding the Deals feature is expected to strengthen OpenSea’s position in the NFT market. Despite losing its top marketplace position to Blur, OpenSea still has the most listed collections and user accounts. Given its proactive approach to introducing innovative features like Deals, this impressive user base positions OpenSea for a potential comeback.
‘Deals’ is powered by Seaport, OpenSea’s native NFT protocol, which was released to the public in June 2022. Seaport is an advanced NFT trading platform that enables seamless execution of NFT swaps.
