OpenSea Innovates with Peer-to-Peer NFT Trading Function “Deals”

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In the rapidly evolving world of digital assets, OpenSea, a leading NFT marketplace, has taken a significant step forward. The platform has introduced a new feature called “Deals,” a peer-to-peer NFT trading function that enhances the trading experience for collectors. This development is a testament to OpenSea’s commitment to providing a superior experience for NFT enthusiasts and staying ahead in the competitive market.

Quick Takes:

  • OpenSea’s new “Deals” feature enables direct peer-to-peer NFT trading, simplifying the transaction process.
  • The “Deals” function allows users to include wrapped ether (WETH) in their trades, offering more flexibility in transactions.
  • OpenSea’s innovation aims to attract more users to the NFT community by making the trading process more accessible and user-friendly.
Learn more about OpenSea new feature via this annoucement.

OpenSea’s New Feature: Deals

OpenSea’s “Deals” is a groundbreaking feature that allows collectors to trade NFTs directly with each other. This function simplifies the transaction process by including wrapped ether (WETH) in the trading mechanism. The native NFT protocol of OpenSea, Seaport, powers this feature, ensuring smooth transactions while saving on gas fees.

To initiate a swap using the Deals function, users first need to connect their wallet. They then search for the person they want to trade NFTs with using their username, address, or ENS. Once the other party is identified, users can select an NFT from their collection that they wish to trade and choose an NFT from the other party’s collection.

The Deals website allows users to enter the username, ENS name, or wallet address of the person they want to transact with. They can then choose up to 30 NFTs and decide on the amount of WETH they want to add to the swap, if any. After selecting the asset they want to offer for trading, users can submit the transaction for review.

Flexibility and Security in Trading

OpenSea has ensured that the Deals function offers flexibility and security to its users. The swap proposal can include WETH token incentives, adding more flexibility to the process. The other party can then review and accept the agreement directly through the NFT platform. However, OpenSea requires that NFTs on both sides of the deal be on the same chain and from badged (verified) collections, ensuring the security of the transactions.

A Step Towards Simplified Transactions

An OpenSea spokesperson stated that Deals aims to invite more users to join the NFT community. This move is a significant step towards making the NFT market more accessible and user-friendly. It also signifies OpenSea’s commitment to innovation and customer satisfaction.

The introduction of the Deals function by OpenSea is a game-changer in the NFT marketplace. By allowing direct peer-to-peer trading and simplifying the transaction process, OpenSea is setting a new standard for NFT trading.

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