OpenSea Rolls Out New Feature “Deals” To Allow Direct NFT Swaps

OpenSea Rolls Out New Feature "Deals" To Allow Direct NFT Swaps
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Opensea, one of the biggest non-fungible token (NFT) marketplaces, has introduced its brand new feature called, “Deals”, enabling users to exchange their digital collectibles with others.

In the world of NFTs, the sales figures have undergone a minor setback as prices of major collections tumbled amid growing investor doubts over just how valuable NFTs should be. According to Nansen’s data, NFT sales across all marketplaces on Ethereum fell significantly.

The number of active addresses on prominent exchanges also started to fall based on Messari’s data with NFT giants such as  OpenSea, SudoSwap and Blur witnessing a significant decline in activity over the past few months.

Despite the slump, global firms have ramped up efforts to cement their presence in the NFT space. Recently, cryptocurrency exchange Kraken has officially launched its NFT marketplace out of beta testing, supporting over 250 digital artworks across the Ethereum (ETH), Solana (SOL) and Polygon (MATIC) blockchains. In June, the world’s largest cryptocurrency exchange Binance announced support for Bitcoin NFTs in its dedicated NFT marketplace.

OpenSea Launches New Feature to Streamline NFT Trading called “Deals”

Companies are not just embarking on the NFT bandwagon but releasing new features as well. On July 20, NFT behemoth, OpenSea took to Twitter to announce Deals allowing collectors to trade NFTs among each other as well as to include wrapped ether (WETH).

In addition, to ensure smooth and efficient transactions, OpenSea’s Deals feature has been powered by Seaport, an open-source Web3 protocol focusing on trading safety and efficiency.

According to the OpenSea websitethe new feature aims to enhance the NFT trading experience, providing a streamlined and convenient way for users to engage in NFT exchanges with others on the platform.

In order to initiate a deal, users need the recipient’s wallet address, ENS name, or OpenSea username. However, it’s important to note that only ERC-721 NFTs from visible collections in a user’s profile are eligible for Deals and they can select up to 30 NFTs.

Moreover, the NFTs on both sides of the deal must be on the same blockchain and from verified collections. If the user accepts the deal, they will cover any gas fees for the transfers. Notably, Deals swaps won’t have OpenSea fees or pay creator royalties at this time.

OpenSea Launches New Feature to Streamline NFT Trading called Deals

OpenSea Continues to Roll Out New Offerings

The announcement comes on the back of a series of fresh offerings from OpenSea. In April, the NFT marketplace launched “OpenSea Pro”, its new NFT marketplace aggregator with additional features including zero marketplace fees and trading rewards.

Going forward, in June, it joined hands with Doppel, a leading security solutions provider, to combat fraudulent activities that have plagued the NFT space. Earlier this year, OpenSea released the next phase of its Drops feature, releasing a new suite of tools for creators that launch their collections in partnership with the leading NFT marketplace.

Furthermore, OpenSea has also received an updated collection editing user interface (UI), providing users with a smoother navigation experience.  As per the NFT juggernaut, the updated UI will enhance the collection editing experience for users.


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