OpenSea Enables New Peer-to-Peer NFT Trading Function “Deals”

July 21, 2023 - Around 2 mins mins to read

Key Points:

The OpenSea NFT Marketplace has announced the launch of the “Deals” peer-to-peer NFT trading function.
The new feature allows collectors to trade NFTs directly with each other as well as adding WETH to simplify the transaction process further.
To initiate the swap, users need to connect their wallet and search for the person they want to trade NFT using their username, address, or ESN.

According to official news, NFT marketplace OpenSea has launched a “Deals” peer-to-peer NFT trading function, which can help traders interact directly with other collectors.

OpenSea Enables New Peer-to-Peer NFT Trading Function "Deals"

OpenSea said in a tweet that Deals will allow collectors to trade NFTs with each other – as well as include coated ether (WETH). It added that OpenSea’s native NFT protocol Seaport powers the feature to ensure smooth transactions and save gas.

Introducing Deals: offer your NFTs for theirs, securely on OpenSea.

???? https://t.co/bTciJLUWDK pic.twitter.com/KR2MLbi7jh
— OpenSea (@opensea) July 20, 2023

With the Deals function, collectors can now connect with each other easily. To initiate the swap, users need to connect their wallet and search for the person they want to trade NFT using their username, address, or ESN. Once defined, users can select an NFT from their collection that they wish to trade and select an NFT of their choice from the other.

According to the Deals website, users can enter the username, ENS name, or wallet address of the person they want to make a transaction with. They can then choose up to 30 NFTs, as well as the amount of WETH they want to add to the swap, if any.

Next, they choose the asset they want to offer for trading, and then they can submit the transaction for review. Currently, OpenSea requires that NFTs on both sides of the deal be on the same chain and from badged (verified) collections.

The swap proposal could also include WETH token incentives, adding more flexibility to the process. The other party can then review and accept the agreement directly through this NFT platform.

An OpenSea spokesperson said Deals aims to invite more users to join the NFT community by simplifying the transaction process. This move signifies the NFT platform’s commitment to providing a superior experience for NFT enthusiasts and staying ahead in the competitive market.

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