OpenSea Announces Smart NFT Marketplace Seaport

On May 20th, OpenSea unveiled Seaport, a new Web3 NFT marketplace for trading a collection of popular tokens. The new decentralized protocol is not just for OpenSea, but any developer, content creator, and aggregator can build on it.

Seaport is taking a different approach to its standard model of NFT trading, which includes a platform that facilitates transactions between sellers and buyers.

Seller may agree to offer multiple items in ERC-20, ERC-721 or ERC-1155 format, which is referred to as an “Offer”. “Considered” is when the Buyer has received multiple items. However, the process is automated and managed according to decentralized smart contracts. presentation.

“All port listings are made up of the same basic structure, including an improved EIP-712 signature payload that clearly describes what can be spent and who gets it back.”

Automated NFT Marketplace

This announcement explained exactly how Seaport facilitates transactions by using “processing” to ensure that transactions are processed correctly.

The new system eliminates redundant transfers, which are usually the most gas-intensive, and allows for “new and efficient transactions,” he added.

There are several other features such as “zones” and “channels” that improve the trading process, allow barter, and prevent abuse of the system. Seaport also includes its own fees in the alternative interface and supports “tips” to facilitate dynamic listings.

The company added that the platform is fully decentralized and open source.

“OpenSea does not control or operate the Seaport protocol. We are just one of many companies that are building on this shared protocol.”

Seaport has been audited by OpenZeppelin and kicks off a two-week audition contest with code4rena with a $1 million prize pool.

NFT Ecosystem Outlook

The NFT space has shrunk in terms of sales this month as the cryptocurrency market continues to take a hit. Depending on the as a market tracker non-replaceableUSD sales figures have decreased from over $60 million per day in early May to around $25 million per day as of May 20.

Sales of more than 100,000 units per day at the beginning of this month plummeted to around 23,000 units at the end of last week.

Cryptoslam reports that the Otherdeed Metaverse land NFT collection was the most popular in the last 7 days, generating around $27 million in secondary sales during that period.

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