A bustling hub for trading and acquiring NFT goods, high seashas unveiled a new innovative ‘Trade’ feature to streamline the exchange process between traders and collectors.
The deal improves the NFT anthology by allowing collectors to trade digital assets and add wrapped Ether (WETH) as an added bonus. Powered by OpenSea’s trademarked NFT protocol Seaport, this interesting feature highlights the secondary market’s efforts to create a more resource-rich and secure trading platform.
Introducing the Deal: Offer your NFTs to other NFTs securely in OpenSea.
👉 https://t.co/bTciJLUWDK pic.twitter.com/KR2MLbi7jh
— Opensea (@opensea) July 20, 2023
Mechanism for creating the perfect “deal”
The first step of the deal allows users to handpick the assets they wish to trade, after which the deal can be quickly moved into the review process. It is worth highlighting that OpenSea now mandates that buyers and traders must hold identical blockchains and verified collections in order to make the transition.
Once the transaction is approved, the user will be required to pay the transfer-related gas charges. However, as a welcome boon for users, OpenSea does not charge a fee for swapping deals or pay royalties to creators.
The reasoning behind the new additions to the marketplace is to promote equal access, make the trading process simpler, and easily accessible for all. By leveraging the full power of Seaport, the marketplace will take advantage of his NFT collection’s more secure experience, mitigating the potential risks associated with off-platform trading.
Additionally, the debut of this novel attribute comes amid ongoing competition from Blur, a zero-fee marketplace that has challenged OpenSea for market share since it first gained traction in October, capturing 82% of NFT trading volume after just three weeks. OpenSea’s growing test is Blur’s native lending platform Blend, which launched in May.
Despite OpenSea fighting back by recently launching a pro marketplace, the platform’s Efforts to decongest NFT transactions through Deals underline the company’s desire to maintain a strong position in the NFT space.
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*All investment/financial opinions expressed by NFT PLAZA are based on the site moderator’s personal research and experience and are for educational material only. Individuals should thoroughly research any product before making any type of investment.
A digital art lover who brings a unique perspective to NFT news.
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