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Crypto News

OpenSea Makes ‘Deals,’ Rolls Out Peer-to-Peer NFT Swaps

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

opensea

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The new function enables traders to directly exchange NFTs while also adding WETH to “sweeten the deal.”

Let’s make a deal… for NFTs. OpenSea, a non-fungible token (NFT) exchange, revealed on Thursday that “Deals,” a peer-to-peer NFT swap function, is now available. This will enable traders to expand their collections and interact with other collectors directly.

In a tweet, OpenSea stated that Deals would enable collectors to exchange NFTs with one another as well as incorporate wrapped ether (WETH) to “sweeten the deal.” It further stated that Seaport, the native NFT protocol of OpenSea, powers the feature.

According to OpenSea, the program intends to make NFT exchanging trustworthy by protecting users from “sketchy DMs and websites” that many collectors fall prey to while trading NFTs.

Users can enter the username, ENS name, or wallet address of the person they want to make a deal with on the Deals webpage. They can then choose up to 30 NFTs and, if any, how much WETH they want to include in the trade.

They next choose the assets they want to trade, after which they can submit the agreement for review. The NFTs on both sides of the transaction must currently be from badged (verified) collections and be on the same chain.

Currently, Deals swaps will not have OpenSea fees or pay creator royalties, but if the user accepts the Deal, they will pay any gas fees required for the transfers.

According to a representative from OpenSea, Deals seeks to increase user participation in NFT communities by streamlining the switching procedure. Collectors can transfer NFTs on OpenSea using Seaport without taking any risks that might arise off-platform.

Since the platform’s launch in October, leading zero-fee marketplace Blur has been a formidable rival to OpenSea, challenging its market share. Blur introduced Blend in May; in its first three weeks, Blend, the company’s native lending platform, attracted 82% of all NFT trading volume.