OpenSea, the popular marketplace for trading and acquiring NFT collectibles, has recently introduced its new innovative feature called ‘Deals’. This feature aims to streamline the swapping process among traders and collectors, making it easier for them to trade their digital assets.
Deals on OpenSea allow collectors to trade their NFTs and even add wrapped ether (WETH) as an added bonus. This new feature is powered by OpenSea’s own NFT protocol called Seaport, which ensures a resourceful and secure trading platform for users.
To initiate a Deal, users first select the assets they want to trade and then proceed to the review process. It is important to note that OpenSea currently requires both buyers and traders to hold identical blockchain and verified collections for transitions to take place.
Once the Deal is accepted, the user must pay any transfer-related gas fees. However, as a welcome benefit for users, OpenSea does not charge any fees on Deals swaps and there is no requirement to pay creator royalties. This move by OpenSea aims to promote equal access to the trading process and simplify it for all users.
The introduction of the Deals feature comes at a time when OpenSea faces increasing competition from Blur, a zero-fee marketplace that has been challenging OpenSea’s market share since its launch. In just three weeks, Blur captured 82% of the NFT trading volume. Blur’s native lending platform Blend, which was launched in May, has also intensified the competition for OpenSea.
In response to this competition, OpenSea recently launched a pro marketplace. However, the introduction of Deals demonstrates OpenSea’s commitment to improving the trading experience and maintaining its strong standing in the NFT sphere.
By utilizing Seaport’s power, OpenSea ensures a safer experience for NFT collections and reduces potential risks associated with off-platform trades. This feature also aligns with OpenSea’s goal to create a more resourceful and secure trading platform, thereby attracting more users and maintaining its position in the market.
In conclusion, OpenSea’s new feature, Deals, is set to revolutionize the NFT trading experience by simplifying the swapping process and allowing collectors to trade their digital assets more efficiently. With no fees on swaps and increased security provided by Seaport, OpenSea aims to capture a larger market share and maintain its position as the leading marketplace for NFT collectibles.
