OpenSea Launches New NFT Marketplace ‘Seaport’

2022/05/30By:

OpenSea, the leading NFT marketplace, continues to launch new products to maintain its dominant position as the world’s largest digital collectibles platform. Its latest addition to its arsenal is a new NFT marketplace that will offer users innovative ways to buy and sell digital collectibles, including the option to pay for items with different assets, not just cryptocurrency.

 

OpenSea explained in a blog post that Seaport will take a different approach to NFT trades. Notably, while most NFT platforms facilitate trades by allowing one party to provide the NFT and the other the payment token, Seaport will allow transactions in other tokens, including “ETH / ERC20 / ERC721 / ERC1155 items.”

 

Traders will be allowed to specify the criteria they want when selling or buying an NFT. Furthermore, tipping will also be possible, as long as it does not exceed the original NFT offer.

 

“As adoption grows and developers create new evolving use-cases, we are all responsible for keeping each other safe,” OpenSea said, clarifying that the core smart contract of the platform is open-source and decentralized “with no contract owner, upgradeability, or other special privileges.”

 

Speaking of open-source, a security audit was conducted by OpenZeppelin during the early stages of the development of Seaport. Trail of Bits conducted another audit near the completion of the current deployment. As per the announcement, both companies claimed there were no major vulnerabilities at the time. Meanwhile, OpenSea has kicked off a two-week audit contest with code4rena with a $1 Million prize pool.

 

When OpenSea announced the new protocol, the NFT community had mixed feelings. While some pointed out that the 0x v4 protocol already offered a similar value proposition through its NFT exchange, others expressed confusion about what the company was trying to achieve. One user tweeted:

 

“I’m [not gonna lie]… I couldn’t even understand what this does. Is it basically just an opensource marketplace that kind of enables bartering and/or more customization through community development?”

 

Amid growing competition from other NFT markets, OpenSea has been forced to take some additional steps to maintain its leadership, including support for Solana NFT and the acquisition of Gem, an ethereum-based NFT aggregator.

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