OpenSea, the world’s popular non-fungible token (NFT) marketplace, has successfully launched a new NFT marketplace, “Seaport,” specially designed for developers, content creators, and collectors on Web3.
In a May 25 announcement, OpenSea confirmed the successful launching of Seaport, a brand new NFT marketplace for trading popular token collections on Web3 projects. The new NFT marketplace will not just serve OpenSea but all developers and content creators.
However, this NFT marketplace will take a different approach to the standard model of NFT trading, which involves facilitating a deal between seller and buyer. In the new marketplace, sellers can agree to supply several items in the ERC-20, ERC-21, and ERC-1155, which will be known as the “offer.”
Sellers will get more orders, when buyers start receiving several items. According to the announcement, the process will be automated and governed by the decentralized smart contract, adding:
“Every Seaport listing consists of the same basic structure, including an improved EIP-712 signature payload that clearly outlines what can be spent and what will be received back by whom.”
OpenSea Smart NFT Marketplace
According to the announcement, Seaport will facilitate the transactions using “fulfillments” to ensure that they are processed efficiently. OpenSea added that the new system would eliminate redundant transfers, which are gas-intensive, and allows for novel and efficient transactions.
Seaport will also offer other functions such as Zones and Channels that will improve the efficiency of transactions, allow bartering, and prevent abuse of the system. Moreover, the new marketplace will support “tipping,” allowing alternative interfaces to include their fees and facilitate dynamic listings.
Before summarizing, OpenSea noted that the new platform is decentralized and open-source, adding:
“OpenSea does not control or operate the Seaport protocol — we will be just one, among many, building on top of this shared protocol.”
Seaport has already received an audit from OpenZeppelin and expects to start a two-week audit context with code4rena with a $1 million prize pool.
NFT Market Health
Market data analysis indicates that the NFT market sale volume has significantly reduced this month as the general crypto market continues to tumble. According to market tracker “Nonfungible,” USD sales figures are down from more than $60 million per day in early May to around $25 million as of May 25.
Furthermore, the NFT markets were more than 100,000 sales per day at the begging of this month, with this figure now reducing drastically to around 23,000 by mid-this week.
According to data aggregator, Cryptoslam, Otherdeed Metaverse digital land NFTs have been the most traded NFTs over the past seven days. These NFTs have amassed around $27 million in secondary sales for the same period.
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