OpenSea launched the Seaport marketplace protocol that allows NFT bartering but was quick to say that it will not be operating or controlling it.
OpenSea, the world’s first and largest NFT marketplace, has announced that it has launched a Web3 marketplace protocol primarily for “safely and efficiently buying and selling NFTs.”
However, OpenSea quickly pointed out that this new decentralized protocol is not only for OpenSea. According to a blog post created by OpenSea, all developers, content creators, and collectors can build on this new marketplace protocol, which will be called Seaport.
Overview of Seaport
Seaport, which will be open source, will be taking a unique approach to NFT trading. The standard model of NFT trading involves using a platform that facilitates the transaction between a seller and a buyer. A seller offers an NFT or groups of NFT, and the buyer takes them in exchange for a payment currency.
With Seaport, users will be given the option of offering assets, not just payment tokens, to obtain NFTs. According to OpenSea’s blog post explaining the Seaport protocol, sellers can agree to supply several items in the ERC-20, ERC-721, or ERC-1155 format. It will be referred to as the “offer.” It implies bartering a combination of tokens as a payment method.
For example, a user wants a 100 ETH Bored Ape Yacht Club (BAYC), but he only owns 40 ETH Doodles. He can, then, offer his Doodles NFT and add 60 ETH to cover the 100 ETH BAYC. Essentially, on Seaport, bidders can bundle various assets in exchange for an NFT and not just cryptocurrency.
“Every Seaport listing consists of the same basic structure, including an improved EIP-712 signature payload that clearly outlines what can be spent and what will be received back by whom,” said the blog post.
Seaport users will also have the option to list offers where these can be fulfilled based on specific criteria in the “consideration.” Criteria could be collection-level or trait level. Fundamentally, users can be specific when laying out certain traits on a particular NFT artwork they want when making offers. So a user will not be too concerned with the type of NFT he will get, as long as it features a trait he is looking for. The same goes when making an offer on art pieces that are part of a collection.
As per OpenSea, the new system will improve gas efficiency by eliminating redundant transfers, which are typically gas-intensive, and allow for “novel and efficient transactions.” Other functions that come with the launch of Seaport includes “zones” and “channels” that are meant to improve the overall transaction process, allow for bartering, and prevent system abuse.
Seaport will also be supporting “tipping.” “A fulfiller may include additional consideration items when fulfilling a listing as long as they do not ‘tip’ more than the original offer,” said the statement from OpenSea. “This allows alternative interfaces to include their own fees.”
Other features of the Seaport marketplace include:
- Listing multiple asset types in a single group for sale
- Offering multiple asset types in a single group for swapping
- Creating batch orders to fulfill multiple offers
- Setting token approvals for various transaction formats via “conduits”
- Setting the start and end amounts for offers, thereby allowing pricing
- Supporting partial fills of offers
- Creating criteria-based “standing” buy orders
OpenZeppelin has audited Seaport, and the new marketplace is likewise starting a two-week audit contest in collaboration with code4rena. The competition has a $1 million prize pool.
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