OpenSea launches new marketplace protocol ‘Seaport’ to allow NFT bartering

OpenSea launched a new marketplace to allow users to barter NFTs with a combination of assets and participate in collection bids.
May 23, 2022 - Cynthia Chung

Leading NFT marketplace OpenSea announced a new Web3 marketplace protocol to enable users to buy and sell NFTs ‘safely and efficiently’. It allows users to acquire NFTs in a variety of new ways. 


The new marketplace protocol - Seaport’s launch was confirmed in a blogpost by the company on Friday. It gives users the option to obtain NFTs with assets other than ETH, such as ‘ERC20 / ERC721 / ERC1155 items’ alongside ETH, which suggests bartering a combination of tokens as a payment method. Different from how cryptocurrencies are the only method to pay or exchange NFTs. 


Along with bartering NFTs with a combination of assets, Seaport will also let users bid on certain traits of an NFT of collection when making offers. For example, users holding NFTs with holographic traits can bid on any Bored Ape Yacht Club NFTs with the same trait. 


The marketplace will also support tipping provided the amount does not exceed the original offer. 


OpenSea also does not control or operate the Seaport protocol, positioning itself as a decentralized protocol with no monopoly, ownership, upgradeability or other privileges. 


The launch of Seaport follows OpenSea’s announcement that it has acquired NFT Aggregator Gem to serve more seasoned users and to enable users to buy and sell across multiple marketplaces. It also added new features such as collection floor price sweeping tool and rarity based rankings. 


Before acquiring Gem, OpenSea bought DeFi wallet startup Dharma Labs to allow OpenSea to simplify the user interface for lending and swapping digital assets via fiat/ debit card deposits.


Photo: OpenSea


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