The world's largest NFT
marketplace, OpenSea, is expanding its operations with the launch of a new platform.
On May 20, OpenSea unveiled a new "Smart NFT marketplace" called Seaport. This platform is intended to further fill OpenSea's deficiencies. Not only OpenSea, but all developers, content creators and collectors can build on Seaport. In this way OpenSea wants to create a Web 3 platform
, i.e. a decentralized platform, in addition to their own "Web 2 platform".
Seaport takes a different approach from the standard model of NFT trading, where a platform facilitates a deal between seller and buyer.
Automated NFT Marketplace
OpenSea's announcement explained exactly how Seaport would facilitate transactions by using "fulfillments" to ensure they are processed correctly.
Seaport added that the new system would eliminate redundant transfers, which are usually the most gas intensive, and allow for "new and efficient transactions."
There are several other features such as "zones" and "channels" that improve the transaction process, allow for barter and prevent abuse of the system. Seaport also supports "tipping," which allows alternative interfaces to include their own transaction fees.
The company added that the platform is fully decentralized
and open source:
"OpenSea does not control or operate the Seaport protocol - we will be just one, among many, building on top of this shared protocol."
Seaport has been audited by OpenZeppelin, and they are also starting a two-week audit contest with code4rena with a prize pool of $1 million. Audits are necessary to make sure there are no critical errors in the platform's code.
OpenSea, by the way, will continue to exist as usual. This platform should only complement the flaws of OpenSea and the demand for a more decentralized platform.
What is the current state of NFTs?
The NFT market, along with the rest of the crypto market, has been falling in prices and volume over the past month. According to market tracker Nonfungible, USD sales dropped from over $60 million per day in early May to around $25 million as of May 20.
The number of sales was over 100,000 per day at the beginning of the month, but that had dropped to about 23,000 by the end of last week.
Some big names in the NFT space believe that NFTs will not perform well again until the crypto market picks up. Many people see crypto as a safer investment than NFTs anyway, so many NFTs have been sold for crypto recently. Only when confidence returns to the market can the NFT space pick up again.