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OpenSea Launches Web3 Marketplace Protocol For “Safely And Efficiently Buying And Selling NFTs”

OpenSea, the nonfungible token (NFT) marketplace, has announced the launch of a Web3 marketplace protocol for “safely and efficiently buying and selling NFTs.”

It has been reported that OpenSea said the marketplace protocol, named Seaport, will give users the option to obtain NFTs by offering assets other than just payment tokens like Ether (ETH). According to the platform, a user “can agree to supply a number of ETH / ERC20 / ERC721 / ERC1155 items” in exchange for an NFT, implying bartering a combination of tokens as a method of payment.

However, Seaport users can specify which criteria such as certain traits on NFT artwork or pieces part of a collection they want when making offers. The platform will also support tipping, as long as the amount does not exceed that of the original offer.

The NFT marketplace stated:

“OpenSea does not control or operate the Seaport protocol — we will be just one, among many, building on top of this shared protocol. As adoption grows and developers create new evolving use-cases, we are all responsible for keeping each other safe.”

The report said that some on social media seemed to express confusion over concepts in the new marketplace protocol. Twitter user EffortCapital called for others to investigate how Seaport compared to 0x v4 NFT swaps, while user phuktep questioned how trading both NFTs and ETH for a single token would be declared on tax forms.

Thus, the launch marketplace protocol followed OpenSea announcing in April it had acquired NFT marketplace aggregator Gem, aiming to improve the experience of seasoned users. The platform said, at the time, that Gem would operate as a stand-alone product, with OpenSea planning to integrate Gem features including a collection floor price sweeping tool and rarity-based rankings.

Source: Cointelegraph


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