By Alicia Maher
OpenSea has officially confirmed the launch of a new NFT marketplace solely for NFT transactions. The new marketplace, named Seaport, supports Web3 technology and makes NFT transactions more seamless for the parties involved.
Seaport Supports NFT Barters – Opensea
According to the updated information disclosed on the OpenSea blog, intending NFT buyers or sellers can offer to exchange their NFTs on the Seaport platform. The platform will consider this NFT barter as a replacement for settling NFT transactions through financial instruments.
However, the platform clarified that only ERC-built NFTs are eligible for the barter payment system. Furthermore, OpenSea stated that intending buyers or sellers can specify the kind of NFTs they are willing to exchange for the ones with them.
The popular NFT marketplace also revealed that Seaport would allow tips so long the tip amount doesn’t exceed the value of the sold NFTs. But, OpenSea also clarified that its newly launched marketplace will still operate independently.
NFT Enthusiasts Express Their Opinion Of Seaport’s Mode Of Operation
Part of the statement on the OpenSea website claims that it would not take full control of the Seaport platform. The popular NFT platform remarked that users would be given more security responsibilities depending on the growth of the Seaport marketplace.
Nevertheless, NFT advocates on various social platforms have stated that Seaport’s mode of operation is confusing. Some have expressed their worries that there isn’t a specific basis for exchanging NFTs. However, many others state that they struggle to set up their accounts on the platform.
Some users claim that the platform’s lack of a basis for exchanging NFTs is particularly worrisome. For instance, one person can assume that its NFT is worth an equal value as another NFT even when the other NFT is listed at a higher price.
Others also remarked that the NFT barter system would make paying taxes for such NFT transactions almost impossible since no cash was involved. OpenSea’s newly launched marketplace follows the latest acquisition by the leading NFT platform. OpenSea bought over the Gem platform (which is now rebranded as the Seaport platform) to scale NFT adoption by offering the best NFT-related services.
After the purchase, OpenSea claimed that Gem would remain independent of the OpenSea platform. However, OpenSea developers are already incorporating several OpenSea features on the Seaport marketplace. It is noteworthy that some of the platform’s features, such as rarity rankings and a collection’s floor price tool, are still retained.
Magic Eden Overtakes Opensea In Daily Trade Volumes
Solana-built NFT marketplace, Magic Eden, continues to soar in the NFT space and is now rivaling OpenSea’s dominance of the space. The latest DappRadar data states that Magic Eden’s 275,000 daily NFT transaction volume has exceeded OpenSea’s 50,000 daily NFT transaction volume. However, the data added that Magic Eden recorded fewer sales records than OpenSea because the latter remains hugely popular in the NFT space.