OpenSea Introduces "Deals": A Breakthrough in Peer-to-Peer NFT Swapping

Introduction

OpenSea, the renowned non-fungible token (NFT) marketplace, has unveiled a groundbreaking feature that is set to revolutionize the NFT trading landscape. "Deals" is a peer-to-peer NFT swap function, allowing collectors to trade directly with each other and enhance their transactions by including wrapped ether (WETH). With the aim of simplifying the swapping process and fostering trust in NFT trading, OpenSea's latest offering promises a secure and engaging experience for all collectors.

Direct NFT Swapping and WETH Inclusion:

Deals enables users to connect with other collectors directly, bypassing intermediaries and facilitating smoother transactions. By including wrapped ether (WETH) as deal enhancer, collectors can improve the value of their offers and attract more appealing trades. OpenSea's Deals feature is powered by the native NFT protocol Seaport, ensuring reliability and security for all swaps.

Fending Off Unreliable Practices:

One of the primary objectives of Deals is to address concerns surrounding "shady DMs and websites," which have become a pitfall for many collectors during NFT trades. OpenSea seeks to create a trustworthy environment where collectors can trade with confidence and peace of mind.

Streamlined Trading Process:

To initiate a deal, users can enter the username, ENS name, or wallet address of the desired trading partner. Up to 30 NFTs can be selected for the swap, along with the option to include WETH. Once the assets are chosen, users can send the deal for consideration. Presently, both NFTs involved in the deal must be on the same blockchain and sourced from verified collections.

Gas Fees and Fee Structure:

If a user accepts a deal, they will be responsible for paying any gas fees required for the transfers. However, as of now, Deals swaps do not carry additional fees of the OpenSea platform or include payments to creators' royalties. This setup encourages more users to participate in NFT communities and engage in direct NFT trading.

Leveraging Seaport for Security:

By leveraging Seaport, OpenSea ensures that all swaps take place on the platform, reducing risks that might occur off-platform. This provides a secure environment for collectors to trade their NFTs without compromising on safety.

Conclusion:

OpenSea's "Deals" is set to redefine the NFT trading experience, promoting direct engagement, secure swaps, and wider community participation. With a user-friendly approach and robust security measures, collectors can now experience hassle-free and trustworthy NFT swapping. As OpenSea continues its journey amid market competition, Deals offers an exciting opportunity for collectors to elevate their NFT trading journey and unlock new possibilities within the vibrant NFT community.