OpenSea, a non-fungible token (NFT) marketplace, announced Thursday the launch of its new feature Deals to help traders swap NFTs and sweeten the deal with wrapped ether (WETH). The feature is powered by OpenSea’s native NFT protocol Seaport and aims to make the NFT swapping process trustworthy and secure.
Deals will allow collectors to trade NFTs among each other – as well as to include wrapped ether (WETH) to “sweeten the deal,” said OpenSea in a tweet. “It added that the feature is powered by OpenSea’s native NFT protocol Seaport.”
According to the Deals webpage, users can enter the username, ENS name, or wallet address of the person they want to make a deal with. They then can select up to 30 NFTs, as well as the amount of WETH they want to add to the swap, if any. After selecting the assets they would like to offer to trade, users can send the deal for consideration. OpenSea requires the NFTs on both sides of the deal to be on the same chain and from badged (verified) collections.
If the user accepts the Deal, they will pay any gas fees needed for the transfers, but as of now, Deals swaps will not have OpenSea fees or pay creator royalties. OpenSea’s launch of Deals comes as it competes with leading zero-fee marketplace Blur, who has challenged the platform’s market share since its launch in October.