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OpenSea Makes ‘Deals,’ Launches Peer-to-Peer NFT Swaps
The new feature allows collectors to trade NFTs directly with each other as well as add WETH to “sweeten the deal.”
By Cam Thompson
Updated Jul 20, 2023, 10:28 p.m. Published Jul 20, 2023, 6:39 p.m.
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Let’s make a deal… for NFTs. Non-fungible token (NFT) marketplace OpenSea announced Thursday it's rolling out “Deals,” a peer-to-peer NFT swap function to help traders bolster their collections and engage with other collectors directly.
Introducing Deals: offer your NFTs for theirs, securely on OpenSea.
— OpenSea (@opensea) July 20, 2023
👉 https://t.co/bTciJLUWDK pic.twitter.com/KR2MLbi7jh
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OpenSea said in a tweet that Deals will allow collectors to trade NFTs among each other – as well as to include wrapped ether (WETH) to “sweeten the deal.” It added that the feature is powered by OpenSea’s native NFT protocol Seaport.
OpenSea added that the product aims to make the NFT swapping trustworthy, fending off “sketchy DMs and websites” that many collectors fall victim to when trading NFTs.
See Also: Pixel Penguins, an NFT Charity Scam, Shows Dangers Of NFT Influencer Culture
According to the Deals webpage, users can enter the username, ENS name or wallet address of the person they want to make a deal with. They then can select up to 30 NFTs, as well as the amount of WETH they want to add to the swap, if any.
Next, they select the assets they would like to offer to trade and then they can send the deal for consideration. Right now, OpenSea requires the NFTs on both sides of the deal to be on the same chain and from badged (verified) collections.
If the user accepts the Deal, they will pay any gas fees needed for the transfers, but as of now, Deals swaps will not have OpenSea fees or pay creator royalties.
A spokesperson from OpenSea told CoinDesk that Deals aims to invite more users to participate in NFT communities by simplifying the swapping process. By leveraging Seaport, collectors can swap NFTs on OpenSea without being subject to risks that might occur off-platform.
OpenSea has been in fierce competition with leading zero-fee marketplace Blur, who has challenged the platform’s market share since its launch in October. In May, Blur launched Blend, its native lending platform that nabbed 82% of overall NFT trading volume in its first three weeks.
Read More: How to Avoid NFT Scams
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