OpenSea, the largest NFT marketplace, announced on Thursday the launch of a new peer-to-peer NFT swap feature called “Deals.” This tool allows NFT traders to directly exchange non-fungible tokens with each other, helping them build their collections and connect with fellow collectors without the use of an intermediary.
According to OpenSea, the new Deals feature enables NFT collectors to directly trade non-fungible tokens with each other on the platform. Users can also add wrapped ether (WETH) to transactions to facilitate deals. This peer-to-peer swapping functionality is built on OpenSea’s Seaport NFT protocol.
OpenSea designed Deals to provide a trustworthy NFT trading environment, avoiding the scam-filled DMs and websites that collectors often encounter when attempting to trade NFTs. The platform aims to make P2P NFT swaps seamless and secure through its first-party Deals product.
The Deals page on OpenSea allows users to enter the username, ENS, or wallet address of the person they want to trade NFTs with. Traders can choose up to 30 NFTs from their collection to offer in the deal, and optionally add WETH to the trade as well.
To initiate a deal, users select the assets they want to trade away, and can then send the proposed deal to the other party for consideration. Currently, OpenSea requires that all NFTs being swapped in a deal are on the same blockchain and from verified collections. This peer-to-peer swapping system enables direct NFT trades between two parties without the use of an intermediary or exchange.
If the receiving user accepts the proposed deal, they will be responsible for paying any gas fees required to execute the NFT transfers. However, at launch there will be no OpenSea fees or royalty payments to creators on these peer-to-peer deals.
According to an OpenSea spokesperson, the Deals feature aims to grow NFT community engagement by streamlining the swap process for collectors. By facilitating trades directly on OpenSea using the Seaport protocol, the platform provides users with a safer method of swapping NFTs versus potentially risky off-platform options. The goal is to simplify NFT trading in a secure environment without middlemen or fees.
OpenSea has faced growing competition from the zero-fee NFT marketplace Blur, which has challenged OpenSea’s dominance since launching in October 2021. In May 2022, Blur introduced its native NFT lending platform Blend, which captured 82% of overall NFT trading volume within its first three weeks.
With the launch of fee-free peer-to-peer NFT swapping via Deals, OpenSea aims to remain competitive and retain its market share against rivals like Blur which offer alternative platforms for users to trade NFTs without fees. This move allows OpenSea to provide a zero-fee NFT trading experience through Deals to complement its existing marketplace model.
