OpenSea, a popular online marketplace for buying and selling non-fungible tokens (NFTs), has recently introduced a new feature called “Deals.” This feature allows users to engage in peer-to-peer NFT swaps securely and directly on the OpenSea platform.
OpenSea is an online marketplace that focuses on the buying and selling of non-fungible tokens (NFTs). NFTs are unique digital assets that are stored on a blockchain, ensuring their authenticity, provenance, and scarcity.
Unlike cryptocurrencies such as Bitcoin or Ethereum, NFTs cannot be exchanged on a one-to-one basis because each token represents a distinct item, piece of content, or collectible.
OpenSea allows users to browse, list, and purchase NFTs across various platforms and blockchain networks. It supports NFTs from Ethereum, Polygon (formerly known as Matic), and Klaytn, and others.
Users can trade a wide range of digital assets on OpenSea, including digital art, virtual real estate, domain names, in-game items, music, videos, and other digital collectibles.
The platform gained significant attention during the NFT boom in 2021, attracting artists, collectors, gamers, and other creators seeking to tokenize and monetize their unique digital creations. It provides a user-friendly interface and supports a diverse community of creators and collectors from around the world.
Deals enable users to participate in NFT swaps with each other. Instead of simply buying or selling NFTs using cryptocurrency, users can now propose exchanges where they offer their NFTs in exchange for other users’ NFTs.
Alongside NFT Swap, users can also add WETH (Wrapped Ether) when exchanging their assets with those of other users. WETH is a tokenized version of Ether (ETH) that is commonly used in decentralized applications and NFT transactions.
Since OpenSea is integrated with Seaport, the NFT marketplace promises that the experience will be seamless due to the gas efficiency of the Seaport protocol.
According to OpenSea, the new feature will provide a more secure way of swapping NFTs without many security concerns. Before now, users could swap their NFTs by engaging external protocols outside of OpenSea.
After ruling the NFT market for a long while, the dominance of Opensea was questioned in Q1 2023 by Blur. Since then, there has been further development and improvement to regain its top place in the market.
