April 18, 2024

OpenSea, a recognized NFT marketplace, launched a new protocol with multiple functionalities. Moreover, it plans to introduce efficiency and safety in purchasing and selling non-fungible tokens. It’s worth knowing that OpenSea will not control the new protocol. What does this mean? Let’s dig deep.

The Seaport Marketplace

On May 21, the NFT market OpenSea launched Seaport. It is a new web3 protocol that guarantees efficiency and safety in purchasing and Selling NFTs. Seaport focuses on optimizations and flexibility to support new use-cases for enhanced NFTs in the future.

With Seaport, users can acquire NFTs by providing assets besides payment tokens like Ether (ETH). The platform suggests that investors can supply ETH, ERC20, ERC721, and ERC1155 items to obtain NFTs, translating to battering with assets combination as a payment method.

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Unlike using crypto only to get an NFT, Seaport allows bidders to bundle different assets to obtain them. Moreover, the new protocol enables users to specify the criteria for making offers – for example, certain traits with the NFT art or part of the collection. The protocol supports tipping, provided the amount doesn’t exceed the original offer.

Sailing Without Direction

Well, that was the question by many after the latest development. Users revealed their misperception of concepts about the new protocol. Others advised further investigation.

Also, another user questioned tax issues (trading ETH and NFTs for one token). Keep in mind that, OpenSea does not control the protocol. Ergo, it positions it as an open and shared resource for web3 developers.

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Meanwhile, these developments can mean healing wounds that happened in the past. For example, scammers attacked the OpenSea Discord server two weeks ago. The hack began publishing false partnership announcements.

NFTs flourished in 2021, but the ‘hype’ seems to fade. You probably know about Jack Dorsey’s tweet that sold for $2.9 million. Unfortunately, the buyer could not resell it as the highest bidder offered around $6,200 only. That means market participants see no value in the NFT besides hype. However, the new developments might revolutionize the game.

What are your views about new functionalities with Seaport? Feel free to comment below.

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Editorial credit: FellowNeko / shutterstock.com

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