On July 21, 2023, OpenSea announced the launch of Make A Deals – a feature that allows users to trade Peer To Peer through a Deal with other traders. In this article, let’s learn about OpenSea’s new features and see what’s special.
Before jumping into the article, everyone can learn more about some of the following projects to better understand
- What is OpenSea? OpenSea cryptocurrency overview
- What is NFT Marketplace? Operating mechanism and some prominent NFT Marketplaces
- What is NFT (Royalties fee)? The secret to helping Blur surpass Opensea
What is OpenSea?
OpenSea is one of the first NFT Marketplaces built on Ethereum. The platform allows users to buy and sell NFTs in a peer-to-peer model, while also creating their own NFT collections.
Founded in 2017, OpenSea started as a marketplace for CryptoKitties. Currently, OpenSea has been expanded to many different types of digital assets including: Art, Gaming, PFP,… and deployed on many chains such as: Ethereum, Polygon, Solana,…
Recently, OpenSea also launched OpenSea Pro version – an NFT Marketplace Aggregator platform that compiles a list of more than 170 large and small NFT Marketplaces including platforms: LookRare, X2Y2,… to help users have great experiences. Better experience during trading.
Update on OpenSea’s operations
Trading volume on OpenSea
Regarding trading volume: We are seeing a gradual decline in trading volume since peaking in 2021. Perhaps partly due to OpenSea losing trading market share to Blur and partly due to the NFT market are going through a cold winter.
Number of Daily Traders on OpenSea
Regarding the number of daily Traders: We have also seen a similar situation from the number of daily traders on OpenSea which has seen a gradual decrease since the beginning of this year.
In general, part of the reason comes from the Azuki incident that the NFT market is entering a cold winter period. In addition, Blur’s strong rise also contributed to the decline in both the number of users and transaction volume on OpenSea.
What is Make A Deal?
A few days ago, OpenSea hinted that they would soon announce a new feature with the icon of two hands embracing each other and it didn’t take long for OpenSea to officially announce the launch of the new feature called Make A Deal. on July 21, 2023. This new feature is powered by Seaport – OpenSea’s cutting-edge NFT trading platform launching in June 2022.
With Make A Deal, users can offer one or more of their NFTs in exchange for another user’s NFT. Users can also combine WETH and NFT into the transaction process to increase the likelihood of success. OpenSea also added that the new feature aims to make NFT swaps trustworthy and eliminate scams that many users encounter when trading NFTs on OpenSea.
To better understand how Make A Deal works, let’s go into detail about how it works with the following steps:
- Step 1: To create the first Deal, users click on Profile and select Make A Deal.
- Step 2: Enter the username which can be username, address or ENS Name you want to transact with.
- Step 3: Browse through their NFTs and select the NFT you want to trade.
- Step 4: Browse your NFTs and select the NFT you want to propose for swapping. Additionally, users can also add WETH to that Deal to make it easier to reach a deal.
- Step 5: Review the Deal and click Send Deals to complete the transaction and wait for the other party’s confirmation.
Note: Similar to the Offer command, when confirming a Deal, the user needs to pay a Gas fee. However, at this time, Deals Transaction will not include OpenSea fees or any copyright fees from creators.
Review of OpenSea’s New Features
Make A Deal is probably a new feature that OpenSea wants to launch on the market. It immediately received the attraction of famous figures in the market. A transaction between Beanies and Punks OTC swapped 16 CryptoPunks for 1 Zombie (current price is 588.7 ETH) and 5 Hoodie Punks. Everyone can view transaction details here.
Overall, Make A Deal helps users have more transaction methods instead of just placing an Offer like the traditional way of trading. Make A Deal also allows users to trade expensive NFTs that have low liquidity. However, it also encounters a problem: users are forced to remember the name of the person they want to transact with. This is really difficult especially for newbies who don’t know many users in the market.
Therefore, if OpenSea can add the feature of listing Deals on the market, this can be a plus point and expand the customer base with this new feature.
summary
Make A Deal is probably a novel feature that OpenSea wants to launch in the market. This could be an innovation to help OpenSea regain market share from Blur. Above is all the information I want to provide in this article, hope everyone has received useful knowledge.
