OpenSea’s New Protocol Seaport Debuts In NFT Marketplace

Former OpenSea Employee Charged With Insider Trading With NFTs
  • OpenSea launches the initial version of the NFT marketplace protocol. 
  • Seaport will operate independently from OpenSea.

NFT emerged as one of the booming industries in web 3 in 2020. The ever-increasing NFT craze urged celebrities and newbies to foray into this space. Despite the boarding of new users, the NFT market hasn’t witnessed any significant surge in the past weeks. The top NFT collections such as Crypto Punks, BAYC, Otherdeeds, and Azuki declined with notable losses in their floor prices.

On Friday, the largest NFT marketplace, OpenSea, announced the launch of a new web3  marketplace protocol, Seaport, to confer more security and efficiency to NFT trading. 

The protocol is created “for all builders, creators and collectors of NFTs” on and off the OpenSea platform. On an official blog released on Friday, the OpenSea team revealed that the protocol is an open-source smart contract with “no contract owner”.

The team said:

“We built the initial version of the protocol to unlock use cases and optimizations that creators and collectors expect from a modern web3 marketplace.”

Lately on April 27, OpenSea acquired an NFT data aggregator, Gem, to focus on the pro-NFT community. With the development of this protocol, it aims to focus on enhancing security across the marketplace.

Peculiar and Independent NFT Protocol

Seaport is an open-source decentralized smart contract with no hindrance from any contract owner or any upgrades. The debut protocol will enable ‘NFT bartering’ to users across OpenSea initially and then be extended over to other NFT marketplaces. This feature will allow users to obtain NFTs with virtual assets other than payment tokens such as ETH and SOL. 

NFT collectors deploy various tokens such as  ERC-20, ERC-721, and ERC-1155 tokens as barters to receive NFTs through Seaport. This distinguishes the protocol from other marketplaces.

The new web3 marketplace protocol will serve as a shared protocol welcoming developers to introduce and optimize new use cases. 

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