Opensea Launches ‘Deals’, A Peer-to-Peer NFT Swap Feature

Despite being in a bear market, Opensea shows optimism as it aims to bolster trading engagement by releasing ‘Deals‘. 

And it’s not your ordinary buy-and-sell trading type of style, but more of a deal in directly exchanging digital assets and value.

Although this may seem bullish to Web3, is the community happy with this new development?

If you’re curious to know more, let’s dive in further! 

The Alpha 

Opensea, one of the leading Web3 NFT marketplaces, recently launched ‘Deals‘ last Thursday in an attempt to revive trading operations. 

The feature then immediately became active following its announcement, making degens stoked to try out this new build-out.

Now, what is ‘Deals’, by the way?

To put it directly, Deals is a peer-to-peer NFT trade feature that allows two holders to swap each other’s NFTs. 

This function seeks to help traders diversify their collections with much lesser expense and interact with other collectors directly.

Consequently, if you have the NFT that I like to have, then why don’t we make a deal and swap it with my BAYC?

But before we delve into that, let’s talk about Deals more. 

More Details about Deals

Deals is powered by Opensea’s native NFT protocol Seaport, an advanced protocol that allows users to barter with a combination of tokens as their payment and process transactions more efficiently. 

So, aside from swapping NFTs only, collectors can also include wrapped ether (WETH) in the offer to “sweeten the deal.”

That said, Opensea added that its new feature aims to make the swapping of NFTs secure and trustworthy. 

This way, holders can have a platform to rely on when swapping NFTs and not fall victim to scams. 

How can I use the feature?

Whether you’re eyeing a specific NFT or simply eager to explore new possibilities, this feature opens the door to exciting trading opportunities.

So, how does it work?

To start making a deal, all you need is the wallet address, ENS name (Ethereum Name Service), or OpenSea username of the person you want to trade with.

Here’s a simple step-by-step guide on how to make a deal:

• First, click on your Profile icon to access your account.

• Look for the “Make a deal” option and select it.

• Enter the username, ENS name, or wallet address of the person you want to make a deal with.

• Now, you’ll be able to browse through their eligible items. Select the ones you’re interested in receiving as part of the deal. You can choose up to 30 items.

• After that, click on “Next” to proceed.

• Time to check your own collection! Browse through your collected items and select the ones you want to offer in the deal.

• If you want to sweeten the deal with some WETH, you can add it at this stage.

• Once you’ve made your selections, click “Next” again.

Now, before proceeding, take a moment to review your proposed deal, ensuring everything is just right.

Once you’re satisfied with your selection, confidently hit the “Send deal” button, and your proposal is on its way!

Sentiments from Degens in Web3

Some degens were bullish with Deals amid an NFT bear market, indicating that this will kickstart the bull cycle. 

Yet despite the optimism going on with the feature, others see this as not a good move for Opensea.

https://twitter.com/AaronSage/status/1682138190336098304?s=20

Nonetheless, Opensea remains solid with its goal for Deals: to bring in more users to participate in NFT communities.

This also simplifies the swapping process, inviting more people, especially new ones, to become a part of Web3.

Conclusion

This decision from Opensea marks another significant progress for Web3’s consistent uptrend in the digital space.

But it’s also essential to note that not all developments can become a driving factor to uphold Web3’s ecosystem.

So, if you’re a developer in the space, make sure that it’s for the community and not for yourself. 

This way, you’ll get to contribute to the betterment of others, and then rewards will come along your way unexpectedly. 

And to end this, what do you think about this update?