OpenSea renews its NFT marketplace with Seaport Protocol



OpenSea Prepares for Web 3.0 NFT Market Race with Seaport Protocol

Last weekend, OpenSea announced its Web 3.0 NFT Seaport marketplace protocol, an open source protocol that aims to equip all NFT builders, creators, and collectors. OpenSea entered decentralized NFT trading from a technical point of view, trying to consolidate its market leadership in the industry.

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  • Open seaThe new NFT protocol aims to provide market participants with a decentralized NFT transaction experience that leverages smart contracts.
  • The Seaport protocol features flexible payment methods, pooled transactions, a “tipping” system, and more.
  • OpenSea currently has a cumulative transaction volume of $30.42 billion. This update demonstrates the determination to consolidate its leadership in the market.
  • Rare Appearancewith an all-time transaction volume reaching $23 billion, it continues to challenge OpenSea’s industry leadership of the NFT market.

A Closer Look at OpenSea Optimization

It is no exaggeration to say that OpenSea pioneered how people trade NFTs today. They have dominated the market with their Amazon-like platform and are looking to consolidate their leadership in the industry.

The world’s first and largest NFT marketplace introduced Seaport, an open source protocol with decentralization and flexibility at its core. Rather than just being a medium between sellers and buyers, Seaport uses smart contracts to give users more freedom and allow them to set specific transaction terms for NFT trading.

For example, with Seaport, NFT sellers (or fulfillers, referred to in the ad) have the option to fulfill (sell) any number of listings at once, allowing for the elimination of redundant transfers and enabling “new and efficient transactions.” “. Features that grab users’ attention also include a “tipping” mechanism, where a “complier” can include additional items when completing a listing.

In particular, OpenSea emphasized in the announcement that Seaport was built with the hope of laying the foundation for many visionary market entrants. The open source protocol is for anyone working in a Web 3.0 marketplace. What OpenSea has built is the foundation for future contributions that can unlock more innovative use cases and unlock the potential of NFT.

A race for the crown of the NFT market?

In January this year, a new NFT platform called LooksRare was born, challenging the throne of OpenSea with a vampire attack. LooksRare successfully attracted a large number of OpenSea users by allowing them to claim LOOKS tokens for free. Since then, NFT market competition has become a duo rather than OpenSea’s one-man show.

Surprisingly, LooksRare gained traction due to its revenue decentralization model, in which the platform’s revenue is 100% distributed among LOOKS token participants. Unfortunately, this inevitably resulted in laundering, meaning users sell NFTs to themselves just for rewards rather than actual market demand.

The NFT space has never been without criticism for its bubbles and speculation. Perhaps we should reflect on whether it is too early to introduce revenue decentralization before infrastructure decentralization is well established.

Coming back to OpenSea’s announcement, perhaps it’s a relief that the NFT giant has chosen to build a Web 3.0 future through technology rather than spark another wave of frenzied speculation.

The NFT industry has witnessed rapid development in the last two years, with the major markets generating billions of dollars in volume. However, fractal NFTs aside, innovation in terms of transaction forms does not seem to be very exciting. Hopefully the introduction of Seaport can ignite creativity in this field.

DappRadar will continue to monitor the latest developments from OpenSea, Seaport, and the NFT field. Follow us TwitterDiscord and Youtube to keep up with the dynamic world of the blockchain.


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