OpenSea introduces Web3 marketplace protocol ‘Seaport’

OpenSea has introduced a Web3 marketplace protocol, Seaport, for
OpenSea has introduced a Web3 marketplace protocol, Seaport, for "safely and efficiently buying and selling NFTs."

The largest NFT marketplace in the world, OpenSea has introduced a Web3 marketplace protocol, Seaport, for “safely and efficiently buying and selling NFTs.”

OpenSea prioritizes user safety

As per Friday’s announcement by OpenSea, Seaport aims to enable users with the option to obtain NFTs by offering assets other than just payment tokens such as Ethereum. It added:

“The core smart contract is open source and inherently decentralized, with no contract owner, upgradeability, or other special privileges.”

A user can “can agree to supply a number of ETH / ERC20 / ERC721 / ERC1155 items” in exchange for an NFT. This results in the availability of a combination of tokens as a method of payment.

When making offers, SeaPort users can also define the criteria they want, such as certain qualities on NFT artwork or items from a collection. Tipping will be allowed on the platform if the amount does not exceed the original offer.

“As adoption grows and developers create new evolving use-cases, we are all responsible for keeping each other safe,” said the NFT marketplace.

Clouds of confusion

A few users appeared to express confusion regarding several concepts included in the new marketplace protocol on social media. Twitter user EffortCapital asked other users to investigate how Seaport compared to 0x v4 NFT swaps, while user phuktep wondered how the trade of NFTs and ETH for a single token would be recorded on tax forms. 

After announcing in April that it had bought NFT marketplace aggregator Gem, OpenSea has now launched its own marketplace protocol in an effort to provide more value to its most experienced users. At the time, the platform stated that Gem would function as a separate product, but OpenSea intended to integrate certain Gem capabilities, such as a collection floor price sweeping tool and rarity-based rankings.

The NFT market giant has been working hard to intensify its position in the sector as several companies are entering the space with their own NFT marketplaces. In January, OpenSea raised $300 million with the aim to improve customer experience, as TheCoinRise reported.