The OpenSea platform, which operates a nonfungible token (NFT) marketplace, has announced the development of a Web3 marketplace protocol for “safely and efficiently purchasing and selling NFTs.”
The OpenSea blog announced Friday that customers will be able to purchase NFTs through asset sales other than payment tokens like Ether, thus establishing the marketplace standard named Seaport.
A user can agree to provide a certain number of ETH / ERC20 / ERC721 / ERC1155 goods in exchange for an NFT, according to the platform, implying bartering a mix of tokens as a payment method.
Users may also create their own settings and rules for each NFT. For example, users can choose which criteria should be used when making offers: certain features on NFT artwork or parts of a collection. Tipping is also possible as long as the additional amount does not exceed that of the initial offer.
Many people on social media were confused by the new marketplace protocol’s jargon. In a tweet, EffortCapital requested that others look into how Seaport compares to 0x v4 NFT swaps, while phuktep asked what would be written on tax documents if you traded both nfts and ETH for the same token.
In April, OpenSea announced it had acquired NFT marketplace aggregator Gem in order to improve the experience of experienced users. Gem would operate as a standalone product, according to the company, with OpenSea planned to link Gem features such as a floor price sweeping tool and rarity-based rankings.