As the bear market intensified, NFT developers got new tools to build.
OpenSea, the leading NFT marketplace, has launched what the company claims as a “web3 marketplace protocol for buying and selling NFTs safely and efficiently.”
A protocol called Seaport enables a more diverse yet more specific NFT trading experience. Users will be able to post NFT offers such as ERC20, ERC721, ETH, as well as ETH transactions as currently promoted by OpenSea.
This means that instead of listing NFTs for a particular ETH, users can list potential transactions for a particular NFT. For example, users can use Seaport to create an offer to redeem Bored Ape for a bundle containing bits of CryptoPunk, Cryptoadz, and Uniswap UNI tokens.
This will further expand NFT transactions into the area of bartering. This is a dynamic familiar to anyone who trades Pokemon cards and other collectibles.
Transactions may be more detailed, according to an OpenSea blog post about Seaport. Individual NFTs may be specified in a transaction as well as specific characteristics. Therefore, users can use their ID number to post an offer to redeem a boring ape for a particular CryptoPunk. Alternatively, you can post an offer to redeem Ape for only one of nine Alien Cryptopunks.
“Basically, all current offers and swaps are connected, so the market is even more liquid.” ShegenI told The Defiant, the developer of Solidity. “This is basically a Uniswap v3 moment for NFTs in terms of market efficiency and access to better tools for the general public.”
Uniswap v3, a major development of DeFi last May, has improved the capital efficiency of liquidity introduced by automated market makers (AMMs).
In its introductory blog post, OpenSea emphasized that in true cryptography, the protocol is not owned by anyone. The protocol is open source and has no contract owners, making it much closer to public goods than proprietary products.
Developers Impressed According to OpenSea, contract gas optimization includes a “significant” amount of assembly code. Assembly code is more detailed and harder to write than a high-level language like Solidity, but it gives you more control.
Shegen added that the OpenSea contract is one of Ethereum’s largest gas guzzlers. Optimization is made possible by the use of assembly code and should help make transactions cheaper for products that use Seaport.
With the volume of the NFT market leveling off, Seaport allows developers to lay another bullish foundation in emerging industries seeking to establish themselves as mainstream.
Building on the platform seems to have already begun — the founders of the Play-to-Earn game WorldwideWebb using hack3r.eth are already publication We are planning to build a user interface on top of Seaport.