OpenSea NFT marketplace, over the weekend, unveiled its new ‘SeaPort' marketplace that will allow NFT sellers to strike direct deals with the buyers of digital collectibles. The decentralised platform, launched on May 20, will not be controlled or operated by OpenSea. Rather, it will be governed by smart contracts, allowing all NFT builders and collectors to use it. Blockchain-based smart contracts are like your typical legal contracts, but are written in codes. Smart contracts automate the execution of an agreement between two parties, when pre-determined terms are met, without the need of a third party. [1]

Figure 1. OpenSea’s New NFT Marketplace ‘SeaPort’ Enables Direct Buyer-Seller Deals Governed by Smart Contracts

Figure 1 shows Currently, marketplaces of non-fungible tokens (NFTs) only allow listings of digital collectibles where one entity supplies an NFT and the other provides an Ethereum blockchain-based payment token like ETH or ERC20. With Seaport however, OpenSea is changing its operational approach.

The new NFT marketplace has also been given the capability to shake-off any redundant asset transfers, which may end up consuming gas fees. This process makes the purchase and sale of NFTs clean and efficient. [2]

“Seaport also supports the option to fulfill any number of listings at once through a set of ‘fulfillments’ — each fulfillment corresponds to a single item transfer and indicates a group of offer items that the submitter can match with corresponding consideration items. As long as each consideration item on each listing is fully credited after all fulfillments have been applied, the offerers can leverage their coincidence of wants and complete their transfers,” the blog added. [3]

The gross sales of NFTs reached some $25 billion (roughly Rs. 1,84,700 crore) in 2021 because the speculative crypto asset exploded in reputation, information from market tracker DappRadar confirmed.

OpenSea claims to be the most important NFT market on the planet. In January this 12 months, its valuation touched $13.3 billion (roughly Rs. 98,868 crore).

In current occasions, the competitors within the NFT sector has elevated multi-fold.From LinkTree to Meta, a number of notable corporations are actually delving into the NFT area. [4]

References:

1. https://gadgets360.com/cryptocurrency/news/opensea-nft-marketplace-seaport-enables-direct-buyer-seller-deals-governed-smart-contracts-3000393#pfrom=home-popular
2. https://newslogic.in/technology/openseas-new-nft-marketplace-seaport-enables-direct-buyer-seller-deals-governed-by-smart-contracts/
3. https://justandroid.net/2022/05/23/openseas-new-nft-marketplace-seaport-enables-direct-buyer-seller-deals-governed-by-smart-contracts/
4. https://cryptometanftnews.com/nft/openseas-new-nft-marketplace-seaport-enables-direct-buyer-seller-deals-governed-by-smart-contracts/

Cite this article:

Thanusri swetha J (2022), OpenSea’s New NFT Marketplace ‘SeaPort’ Enables Direct Buyer-Seller Deals Governed by Smart Contracts, Anatechmaz, pp. 291