OpenSea Opened The Smart NFT Marketplace Seaport: Report

OpenSea opened the Smart NFT marketplace dubbed Seaport, in a bid to expand its operations with the launch of a new platform so let’s read more today in our latest cryptocurrency news.

OpenSea opened the smart NFT marketplace Seaport which is a Web3 NFt market for trading token collections and the new protocol is not just for OpenSea but for all developers, collectors, and content creators. Seaport is taking a different approach to the NFT trading model which involves a platform facilitating a deal between the seller and the buyer. Sellers can agree to a supply of a number of items in the ERC-20, ERC-1155, and ERC-721 format which will be known as an offer. The “consideration” happens when a few items are recieved by the buyer but the process will be automated and governed by the decentralzied smart contract:

“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.”

The announcement explained how Seaport will facilitate the transactions by using fulfillments to ensure they are processed better. It also added that the new system eliminates redundant transfers that are usually the most gas-intensive and allows for novel and efficient transactions. There are other functions like channels and zones which improve the transaction process and allow for bartering, preventing abuse of the system while Seaport also supports “tipping” which allows for alternative interfaces to include their own fees and to facilitate dynamic listings. The company added:

“OpenSea does not control or operate the Seaport protocol — we will be just one, among many, building on top of this shared protocol.”

Introducing Seaport, a brand new web3 marketplace protocol for safely and efficiently buying and selling NFTs.

With an emphasis on flexibility and optimizations, Seaport has been built to support new and evolving use-cases for where NFTs are heading.https://t.co/3lUQIQm0km

— OpenSea (@opensea) May 20, 2022

Searport was audited by OpenZeppling and they are starting a two-week audit contest with a $1 million prize pool. The NFT space contracted in terms of sales this month with the markets continuing to take a beating. The market tracker Nonfungible shows that the USD sales figures are down by $60 million per day in May to around $25 million as of May 20. the number of sales was up to 100,000 per day at the start of the month but that crashed to around 23,000 by the end of the week.