The non-fungible token market (NFT) OpenSea has announced the launch of the Web3 Marketplace protocol to “buy and sell NFTs safely and efficiently.”
In a blog post on Friday, OpenSea said that the market protocol, called Seaport, will give users the option to acquire NFTs by offering assets other than only payment tokens such as Ether (ETH). According to the platform, the user can “agree to provide a number of ETH/ERC20/ERC721/ERC1155 items” in exchange for an NFT, which implies the exchange of a set of tokens as a means of payment.
In addition, Seaport users can specify criteria such as certain attributes in the NFT artwork or part of a collection they want when making presentations. The platform will also support tipping, as long as the amount does not exceed the original offer.
“OpenSea does not control or operate the Seaport protocol – we will be just one, among many, building on top of this common protocol,” said NFT Market. “As adoption grows and developers create new and evolving use cases, we are all responsible for keeping each other safe.”
It appears that some on social media have expressed confusion about the concepts contained in the new market protocol. Twitter user EffortCapital called on others to investigate how Seaport compares to 0x v4 NFT swaps, while user phuktep wondered how it was reported that both NFTs and ETH for a single token traded in tax forms.
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The market launch protocol came on the heels of OpenSea’s announcement in April that it had acquired the market aggregator NFT Gem, with the goal of improving the experience for seasoned users. The platform said, at the time, that Gem would operate as a standalone product, with OpenSea planning to integrate Gem features including a pooling floor price sweep tool and rarity-based ratings.a
