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OpenSea Introduces New ‘Deals’ Feature to Draw in More NFT Participants

OpenSea Introduces New ‘Deals’ Feature to Draw in More NFT Participants

OpenSea launched a new feature called ‘Deals’. This feature allows users to exchange their non-fungible tokens (NFT) with other users, providing unprecedented convenience and flexibility in NFT trading.

Launching Coindesk, Saturday (22/7/2023), users also have the option to include Wrapped Ether (WETH) as part of their offer. This feature is supported by OpenSea’s native NFT protocol Seaport.

OpenSea added that the feature aims to make NFT exchanges more trustworthy, minimizing the potential risks from transactions via messaging and obscure web pages, which can lead to the loss of collectors’ assets.

To initiate a transaction, the user only needs the recipient’s wallet address, ENS name or OpenSea username. They can then choose up to 30 NFT, as well as the amount of WETH they wish to add to the swap, if any.

Next, they select the assets they wish to offer for trading and then they can submit a deal for consideration. Currently, OpenSea requires that NFTs on both sides of the deal are on the same chain and from badged (verified) collections.

If the user accepts the deal, they will pay any gas fees required for the transfer. For now however, Exchange Transactions will not incur OpenSea fees or pay creator royalties.

A spokesperson from OpenSea told CoinDesk that Deals aims to invite more users to participate in the NFT community by simplifying the exchange process. By leveraging Seaport, collectors can trade NFTs on OpenSea without being exposed to the risks that may occur outside of the platform.

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