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OpenSea introduces a brand new web3 marketplace protocol Seaport

21 May 2022 : 08:49
2 min read
  • OpenSea has introduced Seaport, a new Web 3.0 marketplace protocol
  • Users will be able to buy NFTs with a specific feature with Seaport
  • Tipping will also be introduced for NFT creators

The world’s biggest NFT marketplace, OpenSea, has introduced Seaport, a new Web 3.0 marketplace protocol that will help NFT enthusiasts buy and sell their non-fungible tokens in a safe manner. Interestingly, this new protocol is not only for the NFT marketplace but also for all builders, creators, and collectors of NFTs.

OpenSea brings Seaport

Seaport takes a novel approach to buying and selling NFTs on the marketplace which recently integrated Solana, wherein users won’t need only cryptocurrencies to purchase an NFT. With Seaport, users can use their existing NFTs to buy other NFTs. So, if Mr. Apple has an Ape worth 100 ETH and he wants to purchase a CryptoPunk worth 120 ETH from Mr. Orange, the former can pay the latter the Ape along with 20 ETH to settle the transaction on OpenSea. 

The core smart contract of Seaport is “open-source and inherently decentralized, with no contract owner, upgradeability, or other special privileges,” as per the official blog post from OpeaSea NFT marketplace. 

“Every Seaport listing consists of the same basic structure, including an improved EIP-712 signature payload that clearly outlines what can be spent and what will be received back by whom,” added the official blog post.

Additional features

Seaport has some additional advantages as well for NFT collections. While the barter system of trades is currently followed by tools like SudoSwap, with Seaport, OpenSea users will be able to buy NFTs with a specific feature. This means that if a user wants to buy smiling NFTs, he or she can search for and bid on any smiling Bored Ape Yacht NFT. 

Tipping will also be introduced for NFT creators: 

“A fulfiller may include additional consideration items when fulfilling a listing as long as they do not “tip” more than the original offer,” said the blog post. “This allows alternative interfaces to include their own fees.”


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Parth

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A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? He loves cryptocurrencies.

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