The OpenSea Deals feature is powered by the Seaport protocol to enable large scale and secure P2P NFT trading.
The NFT trading community on OpenSea will now have a new feature to enable P2P trading called Deals. With the new trading feature, the OpenSea NFT trading community can offer a combination of digital artwork and sweeten the deal with Wrapped Ethers (WETH). NFT Marketplace has announced that users no longer need to use DMs and sketchy websites to trade their digital artworks, as OpenSea Deals provides a seamless platform.
Notably, the OpenSea Deals feature is powered by the Seaport protocol, which was introduced earlier last year. The Seaport Protocol is an OpenSea-backed web3 marketplace project that is used to buy and sell NFTs securely and efficiently. Moreover, the Seaport protocol uses basic open-source smart contracts, which involve different elements, including ETH, ERC20, ERC721, and ERC1155.
Introducing Deals: offer your NFTs for theirs, securely on OpenSea.
👉 https://t.co/bTciJLUWDK pic.twitter.com/KR2MLbi7jh
—OpenSea (@opensea) July 20, 2023
With the OpenSea Make a Deal feature, users can offer one or more of their NFTs in exchange for another user’s NFTs. However, the user must first have a wallet address and an ENS name or basically an OpenSea username for the person they wish to enter into an agreement with.
“Similar to offers, the user accepting the deal will pay the gas. Currently, offer transactions do not include OpenSea fees or creator revenue. ERC-721 NFTs from badged collections that are visible in a user’s profile (not masked) are eligible for offers,” OpenSea noted.
Meanwhile, OpenSea has been criticized for not being friendly to the community during the crypto bear market. According to Twitter user Aaron (@Aaronsage), the crypto industry currently needs value, not innovation. The Twitter user suggested that OpenSea could have easily launched a crypto token to give back to the community instead of announcing a trading platform since most people are holding their bags in anticipation of future bull rallies.
– Disabling creator royalties
– OpenSea Pro
– NFT TradeAll the things this space does NOT NEED NOW
Yet OpenSea’s braindea team implemented them
—Aaron (@AaronSage) July 20, 2023
OpenSea and its market position
The OpnSea NFT marketplace has enjoyed significant dominance in the digital artwork industry since its official launch a few years ago. For example, OpenSea received around $600 million in revenue in 2022 despite the cryptocurrency industry struggling with the effects of the bear market. Nevertheless, the volume of NFT transactions has decreased significantly as more and more traders have recently shifted their focus to more promising digital assets like meme coins.
Therefore, OpenSea has been forced to keep innovating in order to stay ahead of the competition in the NFT market.
At the same time, the increasing use of NFTs in different industries, including the luxury sector, to weed out counterfeit products has given OpenSea huge growth prospects. Additionally, the use of phygital by different blockchains, including Shiba Inu and VeChain, has increased the overall volume of NFT transactions. Additionally, the exponential growth of the metaverse and the GameFi industry has given the NFT market more utility away from mere speculation.
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