Non-fungible token (NFT) powerhouse, OpenSea, is bending the rules of the digital collectibles market with its fresh feature, “Deals”. This peer-to-peer NFT exchange tool allows collectors to not only swap artworks among each other but also supplement their transaction with wrapped ether (WETH) to make it even more enticing. An exciting turn, one must say.
Power by OpenSea’s native protocol, Seaport, this game changer undeniably places the platform a step ahead when it comes to trust. In a world where online transactions often come with the risk of sketchy DMs, websites and potential scams, OpenSea’s initiative is a breath of fresh air. No more will collectors need to worry about getting hoodwinked when trading their prized crypto-assets.
To devour this service, users will simply need to input the username, ENS name, or wallet address of their trade partner. They can select up to 30 NFTs for trade and even choose to add an amount of WETH to the swap. The potential deal can then be sent for the trade partner’s consideration, a convenience unseen in most current platforms.
Now, while the idea is indeed innovative, some strings are attached. As of now, all NFTs offered in a deal must be from the same chain and belong to badged (verified) collections. Also, the user accepting the deal will foot the bill for any gas fees required for the transfers. It’s noteworthy though, that OpenSea does not currently levy any fees or royalties on these swaps unlike its primary competitor, zero-fee marketplace, Blur.
Speaking of Blur, the competition between it and OpenSea has heated up recently. Blur’s innovative lending platform, Blend, succeeded in grabbing an astounding 82% of the total NFT trading volume within the first three weeks of its launch in May. Will OpenSea’s Deals offer a significant counter, or the purported ‘zero-fees’ ethos of Blur hold steadfast? Only time will tell. Until then, let’s revel in the breakthroughs being made in the chaotic and riveting world of NFTs.
Source: Coindesk
