Wed. Jun 19th, 2024

OpenSea launches ‘Seaport’ ​​marketplace protocol allowing NFT bartering

By Mahesh Limbani May 21, 2022

Nonfungible token marketplace OpenSea has announced the launch of a Web3 marketplace protocol for “safely and efficiently buying and selling NFTs.”

In a Friday blog post, OpenSea said the marketplace protocol, dubbed 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.

In addition, SeaPort users can specify which criteria — e.g. 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.

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

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.

Related: 5 NFT marketplaces that could topple OpenSea in 2022

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.