OpenSea launches a new web3 marketplace protocol called ‘Seaport’ with many significant improvements

Market leader NFT marketplace OpenSea has announced the launch of a new marketplace protocol to buy and sell NFTs, making it easier for users to buy and sell NFTs more efficiently.

In an official announcement posted on May 20, OpenSea said the new platform would be called Seaport, giving users more options to own NFTs.

The Seaport protocol enables users to acquire NFTs in a variety of innovative ways. Bidders using Seaport can now combine different assets in return for an NFT, whereas previously, only crypto could be swapped for an NFT. For example, say you own a 40 ETH doodle, and you want a 100 ETH ape. You can offer your doodle NFT and 60 ETH.

Additionally, Seaport users can also bid on NFTs through specific characteristics from a random collection. This feature is intended for situations where buyers don’t care what type of NFT they get, as long as it has a feature they’re looking for.

For example, when a trader wants to collect NFTs with a smiling expression, he or she can bid on any ape with such status from the BAYC collection. In addition, the platform also supports a tip function, as long as the amount does not exceed the initial recommendations of the platform.

OpenSea insists it does not fully control or operate the Seaport platform, and the company is merely one of many Seaport developers. What OpenSea is building is aimed at empowering Seaport for the community, positioning the project as a valuable resource that is widely shared around the world.

Finally, OpenSea invited all developers to participate in an audit competition for Seaport with a total prize value of up to $1 million, lasting 2 weeks to help optimize for security and find Errors that arise during the early stages of the platform development.

However, although the NFT market has had a marked decline in the past three months, OpenSea has not “fazed” and continues to prove that it is the current number one NFT marketplace, worthy of the rating. valued at $13.3 billion after a $300 million funding round earlier this year when it monopolized most of the sector’s trading volume.

Recently, in order to expand its business as well as strengthen its position in the market, OpenSea has acquired GEM.xyz – a market-leading NFT aggregator solution, to concretize this ambition, besides setting up a private investment fund to incubate the NFT ecosystem called OpenSea Ventures.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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