OpenSea Boosts its NFT Marketplace Using Seaport Protocol

OpenSea Boosts its NFT Marketplace Using Seaport Protocol
  • OpenSea announced the new Web 3.0 marketplace protocol Seaport on May 20.
  • Seaport features more safe and efficient transactions, bundled deals, a “tipping” system, and more.
  • This optimization shows OpenSea’s determination to continue its market lead.

Global decentralized app store DappRadar revealed in a tweet that OpenSea is optimizing its Web 3.0 NFT marketplace with Seaport protocol.

In the news blog, OpenSea announced its Web 3.0 NFT marketplace protocol Seaport last weekend. Seaport is an open-source protocol with decentralization and flexibility at its core, seeking to equip all builders, creators, and collectors of NFTs.

OpenSea is the first and largest NFT marketplace in terms of transaction volume. The NFT marketplace currently has a growing transaction volume of $30.49 billion, as per DappRadar. They are seeking to keep their lead in the industry with their Amazon-like platform by introducing Seaport.

Seaport deploys smart contracts that authorize users to set specific transaction terms for NFT trading, rather than OpenSea being just a medium between buyers and sellers. With Seaport, sellers are allowed to list any number of NFTs at once (bundled transactions), which validates the elimination of redundant transfers. Additional features also include a “tipping” mechanism, where sellers are permitted to add items when fulfilling a listing.

In the announcement, OpenSea pointed out that Seaport was established with aim that it set a foundation for most of the innovative market participants. With its Web 3.0 marketplace-friendly open-source protocol, OpenSea could develop the groundwork for the future of NFTs.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.