OpenSea Launches ‘Deals’: A New P2P NFT Swap Feature

Credit: OpenSea

Top NFT marketplace OpenSea just unveiled a new feature called ‘Deals‘ — a peer-to-peer NFT swap function that allows traders to engage with each other directly.

The news was released yesterday via a tweet from OpenSea. Collectors can now trade NFTs amongst each other, as well as include wrapped Ether (WETH) to “sweeten the deal.” The feature is powered by Seaport, a gas-efficient NFT protocol native to OpenSea.

According to a spokesperson for OpenSea, the aim of the new feature is to provide a trustworthy, secure platform where collectors can trade their NFTs, so they don’t fall victim to “sketchy DMs and websites.”

Here’s how it works. Users can enter the username, ENS name, or wallet address of the person they want to trade with. They can select up to 30 NFTs as well as the amount of WETH they wish to swap, if any. Once they’ve chosen the assets they wish to trade, they can send the deal to another user to be considered.

For the time being, NFTs on both sides of the deal must be on the same chain and from verified collections. If the deal is accepted, the user must pay any gas fees needed for the transfer, but there are no additional fees from OpenSea or creator royalties.

OpenSea hopes Deals will bring more users into NFT communities by simplifying the swapping process. Before the new feature, OpenSea users had to swap NFTs using protocols outside of OpenSea.

Web3 Companies Build in the Bear Market

A new feature that secures and simplifies NFT swapping should be appreciated by OpenSea traders and collectors. But OpenSea isn’t the only Web3 company that’s been releasing new features for users lately. As the bear market trudges on, we’ve covered several Web3 companies that are focused on building for their communities. Here are some of the top stories.

On July 17th, Unstoppable Domains announced it had added Ethereum Name Service (ENS) based .eth domains to the Unstoppable website. Now anyone can buy .eth domains on Unstoppable, and other types of domains like .polygon, .888, .crypto, .nft and more. The move makes Unstoppable a one-stop shop for Web3 domains.

Unstoppable Domains struck again on July 13th when it launched the ‘Unstoppable Marketplace.‘ The new marketplace will allow users to register their apps onchain and browse more than 860 applications. It is the first and largest marketplace built on the dApp Store Kit, initially incubated by Polygon.

Lastly, the Bored Ape Yacht Club (BAYC) announced a collaboration with SaaSy Labs for the launch of an onchain IP verification feature. The ‘Made by Apes‘ tool will let BAYC holders verify any creations they make with their Bored Apes’ intellectual property. The creations will also be listed on a blockchain-based BAYC creations directory.

The most serious Web3 companies understand that bear markets are the time to build to bring value to users and communities. OpenSea is no different. At Rarity Sniper, we’ll be following up on any updates to the story.