OpenSea launched an NFT exchange feature

The marketplace has introduced a new decentralized protocol, Seaport

21.05.2022 - 10:00

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2 min

What’s new? The OpenSea NFT marketplace has announced the launch of its new Seaport protocol, which will allow exchanging of non-fungible tokens. The platform’s customers will be able to transfer NFT without using trading tokens. According to the developers, OpenSea will not control or operate Seaport.

Announcement on the OpenSea blog

More details about Seaport. To make a transaction in the new protocol, users need to negotiate the terms of the exchange. The offer can include the following tokens: ETH/ERC20/ERC721/ERC1155. After selecting the desired assets, participants in the transaction can confirm the terms and make the exchange. Also on Seaport, users can set up individual exchange criteria and make a tip.

What happened before? In April, OpenSea bought Gem, a marketplace aggregator platform. The service offers a range of services related to non-fungible tokens, including analytics tools and rarity ranking. According to a statement from OpenSea, the Gem platform would continue to operate as a separate marketplace.

The NFT marketplace also added support for bank cards. OpenSea started using MoonPay’s payment infrastructure. Users would now be able to pay not only with ETH but also with Visa, Mastercard, Apple Pay, and Google Pay.

According to a March report by the research platform Delphi Digital, demand for NFTs dropped by 70% on OpenSea. Also, the daily trading volume on the marketplace decreased to $70 million.

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