OpenSea’s Seaport Protocol Is Future of NFT Marketplaces

Even though the bear market is still raging, NFT developers have received a new development tool. OpenSea, the most popular place to buy and sell NFTs, has announced a web3 marketplace protocol for safely and quickly buying and selling NFTs. The marketplace is called Seaport. The design of Opensea’s Seaport protocol is to make trading NFTs easier and more accurate. Users will be able to trade ERC20, ERC721, and ETH-based NFTs on OpenSea, rather than just ERC721-based NFTs. With this protocol, users will be able to list offers to trade specific NFTs for a certain amount of ETH instead of NFTs for a certain amount of ETH. Someone could, for example, use Seaport to propose exchanging a Bored Ape for a package containing a CryptoPunk or Cryptoadz token and a small amount of Uniswap’s UNI token. Here’s Why? The Seaport protocol is the future of the NFT marketplace because of the following reasons: Bartering According to OpenSea’s blog post about Seaport, specific trades can be made by assigning each NFT its properties. Then, a user could offer to trade the Bored Ape for a specific CryptoPunk by providing the CryptoPunk’s ID. You could also propose exchanging a CryptoPunk Ape for a CryptoPunk Alien. Basically, there is a link between all standing offers and swaps, making the market’s liquidity much stronger. So in terms of how well the market works and how easy it is for people to get better tools, this is the Uniswap v3 moment for ...