- Leading NFT marketplace OpenSea has launched a new feature that allows NFT traders to swap collectibles between themselves
- Known as Deals, the marketplace wants to use it to increase engagement between traders on the platform
- OpenSea also said that the option aims to safeguard collectors against scammers targeting NFT traders looking for deals through direct messages
Leading NFT marketplace OpenSea has launched a new feature that allows NFT traders to swap collectibles between themselves. Known as Deals, the marketplace wants to use it to boost engagement between traders on the platform while also safeguarding them from scammers targeting NFT traders. The new feature adds to an array of other features the platform has been releasing to support creators and collectors.
Flavor the Deal with WETH
According to OpenSea, the feature is powered by Seaport and a deal can be flavored by offering wrapped ETH (WETH) alongside a mix of NFTs. The process of creating a deal starts by contacting a counterparty identified through a wallet address or ENS name and then sending them a package containing the collectibles and any extra WETH.
OpenSea Deals are…
🤖Flexible: offer a combo of your NFTs for a combo of theirs — and sweeten the deal with WETH
🔒Powered by Seaport: the most gas-efficient and vetted protocol in NFTs
🤝Trusted: no more sketchy DMs & websites – offer, view, & accept deals directly on OpenSea pic.twitter.com/WJ70fh5lLi
— OpenSea (@opensea) July 20, 2023
The marketplace currently requires all parties in a deal to have a verification badge and the NFTs involved to be powered by the same blockchain. The accepting user caters for the transaction costs but OpenSea has waived its fees and royalties on deals.
The feature comes nine months after OpenSea unveiled anti-fraud measures meant to detect scams and stop malicious actors from reselling stolen collectibles to unsuspecting collectors. OpenSea has also in the past activated a function that allows traders to purchase or list up to 30 NFTs at a go.
Blur Trumps OpenSea
OpenSea has been competing with Blur which managed to overthrow it as the leading NFT exchange based on trading volume, although a huge chunk of the volume is believed to emanate from wash trades.
With the new feature, OpenSea is likely to boost its trading volume and increase interaction between traders, something that may help it move closer to regaining its crown as the leading NFT marketplace.