OpenSea Drops New Marketplace Protocol for NFTs – Cardano Feed

Advertisements

NFT developers just got a new tool to build with as the bear market rages on.

OpenSea, the leading NFT marketplace, has launched what the company bills as a “web3 marketplace protocol for safely and efficiently buying and selling NFTs.”

The protocol, called Seaport, will allow for a more varied, but also more specific, NFT trading experience — users will be able to post offers for NFTs including ERC20, ERC721, and ETH, instead of just ETH trading like OpenSea facilitates currently.

This means that instead of listing an NFT for a certain amount of ETH, users will be able to list a potential trade for specific NFTs. For example, a user could use Seaport to create an offer to trade a Bored Ape for a bundle including a CryptoPunk, a Cryptoadz, and a bit of Uniswap’s UNI token.

bartering

This brings NFT trading more into the realm of bartering, a dynamic that those who traded Pokémon cards or other collectibles may find familiar.

The trades could get more granular — according to OpenSea’s blogpost on Seaport, individual NFTs could be specified in a trade, as well as specific traits. So a user could post an offer to trade their Bored Ape for a particular CryptoPunk using its ID number. Or they could post an offer to only trade an Ape for one of the nine Alien CryptoPunks.

“Basically the market liquidity just got way deeper because now all the standing offers and swaps are connected,” Shegen, a Solidity developer, told The Defiant. “This is basically a Uniswap v3 moment for NFTs in terms of market efficiency and access to better tools for the general public.”

Uniswap v3 was a major development for DeFi in May of last year, which increased the capital efficiency of the liquidity deployed on the automated market maker (AMM).

In its introductory blog post, OpenSea emphasized that, in true crypto fashion, the protocol isn’t owned by anyone — it’s open-source and has no contract owner, making it much closer to a public good than a proprietary product.

Cheaper Transactions

Developers are impressed with the gas optimizations of the contract, which includes a “significant” amount of assembly code, according to OpenSea. Assembly code is more granular than high-level languages ​​like Solidity, making it harder to write, but allows for a higher degree of control.

Shegen added that the OpenSea contract is one of Ethereum’s biggest gas guzzlers — the optimizations, some enabled by the use of assembly code, should help to make transactions cheaper for products using Seaport.

As the NFT market volumes continue to flatline, Seaport may enable developers to lay the foundation for another bull run in the fledgling industry looking to establish itself as mainstream.

Building on the platform looks to have already commenced — the founder behind the play-to-earn game Worldwide Webb who goes by hack3r.eth has already unveiled plans to build a user interface on top of Seaport.


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Cardano testsnet effectively hard forked however here’s a place of concern – AMBCrypto News Cardano

Cardano testsnet effectively hard forked however here’s a place of concern – AMBCrypto News

Input Output Global (IOG) had earlier informed members of the Cardano ecosystem of the...

By wpadminsonic164
Cardano Vasil Hard Fork is Now ‘Unavoidable’ after ‘Fruitful’ Testnet – Cryptonews Cardano

Cardano Vasil Hard Fork is Now ‘Unavoidable’ after ‘Fruitful’ Testnet – Cryptonews

Source: Adobe Stock / TANATPON Cardano (ADA)'s long-awaited Vasil upgrade, which aims to improve...

By wpadminsonic164
Cardano Becomes Most Actively Developed Project in Crypto Industry – U.Today Cardano

Cardano Becomes Most Actively Developed Project in Crypto Industry – U.Today

Arman Shirinyan Despite fundamental growth and high development activity, Cardano fails to satisfy investors'...

By wpadminsonic164
Cryptographic forms of money Price Prediction: SafeMoon, ApeCoin and Cardano — Asian Wrap 1 July – FXStreet Cardano

Cryptographic forms of money Price Prediction: SafeMoon, ApeCoin and Cardano — Asian Wrap 1 July – FXStreet

Can the second half of 2022 be kind to SafeMoon price? SafeMoon price shows...

By wpadminsonic164
Cardano: Devil is in the subtleties as ADA goes crazy – AMBCrypto News Cardano

Cardano: Devil is in the subtleties as ADA goes crazy – AMBCrypto News

Cardano [ADA] went through one of its biggest developments in June after the Vasil...

By wpadminsonic164
Cardano Critic Makes U-Turn After Calling It “Ph.D. Memorial park,” Praises Incoming Upgrades – U.Today Cardano

Cardano Critic Makes U-Turn After Calling It “Ph.D. Memorial park,” Praises Incoming Upgrades – U.Today

Bill Barhydt, CEO of Abra, seems to be biting his tongue concerning the Cardano...

By wpadminsonic164
Virtuoso X Onboards Four (4) New Projects – Cardano Feed Cardano

Virtuoso X Onboards Four (4) New Projects – Cardano Feed

Genius Xa premium business accelerator program on Cardano, is pleased to announce the third...

By wpadminsonic164
Cardano SPO Column: Hedges Stake Pool [HEDGE] – Cardano Feed Cardano

Cardano SPO Column: Hedges Stake Pool [HEDGE] – Cardano Feed

This week's guest on the Cardano SPO Column is a stake pool operated by...

By wpadminsonic164

Latest Posts

Begin Your Crypto Investing Journey With 100x Potential Gems: Gnox (GNOX), Shiba Inu (SHIB), And Dogecoin (DOGE) – TechCabal Dogecoin

Begin Your Crypto Investing Journey With 100x Potential Gems: Gnox (GNOX), Shiba Inu (SHIB), And Dogecoin (DOGE) – TechCabal

Who doesn't want that 100X gem? It is one of the reasons most people...

By wpadminsonic164
Cardano testsnet effectively hard forked however here’s a place of concern – AMBCrypto News Cardano

Cardano testsnet effectively hard forked however here’s a place of concern – AMBCrypto News

Input Output Global (IOG) had earlier informed members of the Cardano ecosystem of the...

By wpadminsonic164
Why Market Crash ?🚨 Crypto News Today | Why Crypto Market Going Down Today Videos

Why Market Crash ?🚨 Crypto News Today | Why Crypto Market Going Down Today

Why Market Crash ? Crypto News Today | Why Crypto Market Going Down Today...

By wpadminsonic164
Emily Elizabeth Leaves Massive Chest Hanging In Tiny Polka Dot Bikini – The Blast Polkadot

Emily Elizabeth Leaves Massive Chest Hanging In Tiny Polka Dot Bikini – The Blast

Emily Elizabeth spills out of her bikini once again! The influencer recently delighted her...

By wpadminsonic164
Solid Altcoins to Look Into During the 2022 Bear Market – Neo (NEO), Kusama (KSM) and Mushe Token (XMU) – Cryptopolitan Stellar

Solid Altcoins to Look Into During the 2022 Bear Market – Neo (NEO), Kusama (KSM) and Mushe Token (XMU) – Cryptopolitan

Anyone that has been around the crypto industry long enough is no stranger to...

By wpadminsonic164
São Paulo court freezes records of Binance contact to Brazilian banks – The Brazilian Report Binance

São Paulo court freezes records of Binance contact to Brazilian banks – The Brazilian Report

Jul 04, 2022 16:06 2 min read The top state-level court in São Paulo...

By wpadminsonic164
Cardano Vasil Hard Fork is Now ‘Unavoidable’ after ‘Fruitful’ Testnet – Cryptonews Cardano

Cardano Vasil Hard Fork is Now ‘Unavoidable’ after ‘Fruitful’ Testnet – Cryptonews

Source: Adobe Stock / TANATPON Cardano (ADA)'s long-awaited Vasil upgrade, which aims to improve...

By wpadminsonic164
Bitcoin'un çöküşü, kripto parayı yasallaştıran El Salvador'u nasıl etkileyecek? Videos

Bitcoin'un çöküşü, kripto parayı yasallaştıran El Salvador'u nasıl etkileyecek?

Son dönemde Bitcoin dahil birçok kripto para biriminde sıra dışı değer kaybı yaşanıyor. Kasım...

By wpadminsonic164