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'Deals' to Facilitate Peer-to-Peer OpenSea NFT Swaps

OpenSea's 'Deals' Facilitate NFT Swaps
By Luigi Savarese
Luigi Savarese

2 Min

July 25, 2023
  • OpenSea launched a new feature called Deals. It allows users to swap NFTs with each other.
  • The Deals feature is currently in beta testing, but it is expected to be released to the public soon.
  • It is a valuable tool for NFT collectors, making it easier to find and trade NFTs they are interested in.

NFT marketplace OpenSea introduced Deals, a new feature allowing users to swap NFTs directly. OpenSea's native NFT protocol Seaport powers the new feature. It aims to make NFT swapping more trustworthy and secure. With Deals, users can offer to swap up to 30 NFTs, or they can add wrapped ether (WETH) to sweeten the deal. The recipient of the deal can then accept or decline the offer.

Deals is a significant addition to OpenSea's suite of features and could help boost NFT trading volume on the platform. The feature also makes it easier for users to trade NFTs without using a riskier third-party platform. OpenSea is not the only NFT marketplace that offers peer-to-peer NFT swaps. However, Deals will be the first major NFT marketplace to offer this feature.

The launch of Deals comes when the NFT market is facing some challenges. The overall NFT trading volume has declined recently, and some major NFT projects have seen their floor prices fall. However, Deals could help to revitalize the NFT market by making it easier for users to trade NFTs. The feature could also attract new users to the NFT space.

In Short, Key Benefits of OpenSea's Deals feature:

  • Easier for users to swap NFTs with each other directly.
  • Eliminates the risk of dealing with traders via direct messaging.
  • Boost NFT trading volume on OpenSea.

The launch of Deals is a positive development for the NFT market. The feature makes it easier for users to trade NFTs and could help boost NFT trading volume on OpenSea. Hence, if you are an NFT collector or trader, then keep an eye on OpenSea's Deals feature. The feature could make it easier for you to trade NFTs and grow your collection.