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OpenSea and NFT- This latest development investors shouldn’t miss out on



Source: Unsplash

OpenSea, the popular NFT marketplace, has launched a marketplace protocol with a range of new features. Apart from this, it would incorporate safety and efficiency in buying and selling NFTs. Although, one should note that OpenSea won’t control the protocol. Here’s what it means

Porting via sea now? 

On 21 May, the NFT marketplace OpenSea introduced Seaport a brand new web3 marketplace protocol for safely and efficiently buying and selling NFTs.

Seaport would allow users the option to obtain NFTs by offering assets other than just payment tokens, such as Ether (ETH). According to the platform, a user “can agree to supply a number of ETH / ERC20 / ERC721 / ERC1155 items” in exchange for an NFT, implying bartering a combination of tokens as a method of payment.

Bidders bundled different assets in exchange for an NFT, unlike now, only crypto can be exchanged for an NFT. In addition, SeaPort users could specify which criteria — e.g. certain traits on NFT artwork or pieces part of a collection — they want when making offers. The platform supported tipping, as long as the amount does not exceed that of the original offer.

Sailing without a destination in mind..? 

Well, that’s exactly what some users questioned following this development. Users expressed their confusion over concepts in the new marketplace protocol. Others called for further investigation.

Apart from this, another user had a query regarding tax-related issues (trading both NFTs and ETH for a single token). Whatever the case, OpenSea didn’t control the protocol. Ergo, positioning it as a shared and open resource for developers.

However, such developments may aid in healing wounds that have occurred in the past. For instance, just two weeks ago, scammers hacked the main OpenSea Discord server and started publishing fake collaboration announcements.

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Shubham is a full-time journalist/ Crypto data analyst at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on the cryptocurrency sector with particular emphasis on market research studies and communications for >2 years. Also, a die-hard Chelsea fan #KTBFFH.

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