Opensea to Launch Seaport; a Smart NFT Marketplace

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On May 20, OpenSea unveiled Seaport, a fresh Web3 NFT marketplace for trading popular token collections. From the look of things, Seaport isn’t only to OpenSea. But all developers, content creators, and collectors can leverage on the protocol.

Seaport is taking a special approach to the quality model of NFT trading. And this involves a platform facilitating a deal between seller and buyer.

With Seaport, sellers can conform to supply variety of things within the ERC-20, ERC-721, or ERC-1155 format, known as the “offer”. And on the other hand the customer receives the “consideration”. However, the decentralized smart contract automates and governs the process, consistent with the announcement.

“Every Seaport listing consists of the identical basic structure, including an improved EIP-712 signature payload that clearly outlines what will be spent and what is going to be received back by whom.”

Seaport by Opensea; An Automated NFT Marketplace

Opensea announced that Seaport would facilitate transactions using “fulfillments” to make sure they’re processed correctly.

It also added that the new system eliminates redundant transfers. And these transfer are usually very gas-intensive. Seaport also allows for “novel and efficient transactions.”

There are several other functions like “zones” and “channels” that improve the transaction process. These functions also give bartering, and hinders abuse of the system. Seaport also supports “tipping,” which allows alternative interfaces to incorporate their own fees and facilitates dynamic listings.

The Seaport platform is totally decentralized, automated and open source platform. The announcement by Opensea states that:

“OpenSea doesn’t control or operate the Seaport protocol — we are going to be only one, among many, building on top of this shared protocol.”

Auditing firm OpenZeppelin has audited Seaport, and they are starting a two-week audit contest with code4rena with a $1 million prize pool.

NFT Ecosystem Outlook

The NFT space has contracted in terms of sales this month as crypto markets still take a beating. in line with market tracker Nonfungible, USD sales figures are down from over $60 million per day in early May to around $25 million as of May 20.

The number of sales was quite 100,000 per day at the start of the month. However, this figure slumped to around 23,000 by the top of last week.

Data from Cryptoslam also shows that Otherdeed Metaverse land NFT collection has maintained its top spot over seven days, with around $27 million in secondary sales for the amount.

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