OpenSea Launches Peer-to-Peer NFT Swaps With Deals

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OpenSea Launches Peer-to-Peer NFT Swaps with Deals

Worlds Largest NFT marketplace OpenSea Launches Peer-to-Peer NFT Swaps with Deals. Deals is new feature added to OpenSea Platform for Peer to Peer Trading. This new feature allows users to directly trade with each other, In addition, for Sweetening ” Deals” They have added Wraped Ether (WETH) For trading.

Table of Contents

How Deals Works

For Using Deals, the user have to enter the username, ENS name or wallet address of the person he need to trade. Then they can choose upto 30 NFT’s in addition,how much WETH they want to add, if any. After this, they adds those assets which they want to trade and then they send deal for consideration.

If any user accepts Deal, then NFT can be exchanged and Gas fees will be payed by the person send the Deal (Transaction). There is no fees Charged in Deal Swap by OpenSea till now and the producer will also not have to pay any fees.

Benefits of Deals

There are several benefits of “Deal” over traditional trading methods.

Deals users can directly sell and Buy the NFT without any third party interruption. As a result the users will save their time and Gas fees to be paid.
Deal allows users to add WETH for their transactions. It is used for Sweetening “Deals” or to cover the Gas Fees to be charged. For Example, If any user want to trade NFT for any other NFT of high value, then their difference amount will be paid in terms of WETH.
Deals is operated by Basic NFT Protocol Seaport. Seaport is designed to make NFT trading more efficient and secure. Such as, Seaport uses various security features to avoid frauds and scams.

Availability

Deal is currently available in its Beta Phase and only selected users can take advantage of it. While OpenSea claims that it will be made available for all users in coming weeks.

Conclusion

OpenSea Deal is a new and unique way of trading NFT’s. This feature allows many advantages over traditional NFT ways of trading, which includes direct trading of NFT with each other, inclusion of WETH in the trading and securing the Seaport. Now Deal is available in its Beta Phase, while it will be made available for all the users in coming weeks.

Here are some additional thoughts on the launch of Deals:

Deal is an important step for NFT market. It allows users to trade NFT with more security and easily, and also helps user to avoid the scams and frauds in market and also helps to minimise them.
Deals is also an competitive step of OpenSea. Company is facing competition with other NFT marketplaces, and it will definitely help them (OpenSea) to retain and regain its Market Share.
It will be interesting that how the user’s take deals. If it is successful, then it will set an standard for other NFT marketplaces.

Overall, the launch of Deals is a positive development for the NFT market. It is a new and innovative way to trade NFTs, and it could help to make the market more efficient and secure.