Seaport, a new protocol under opensea, changes NFT playing method and accelerates Web3 process

As an undisputed monopolist in the current NFT market, opensea has fallen into the public opinion vortex of “pseudo Web3 products” one after another due to its centralized operation mode, and the dissatisfaction of users has also left development space for various competitors who hold high the banner of decentralization. Due to domestic and foreign troubles, opensea recently launched seaport, a Web3 market agreement for buying and selling NFT, to accelerate its own Web3 development process. How will this product enable opensea’s decentralization? How will it change the NFT market?
Seaport protocol is not only for opensea, but also for all NFT builders, creators and collectors. Because the core smart contract of seaport protocol is open source and is not controlled or operated by opensea, it is decentralized in nature and has no contract owner, scalability and other characteristics.
In other words, anyone can build the NFT market based on seaport protocol, and before that, platforms including opensea have the absolute right to make any changes to the code. At the same time, it is not easy for most developers to create NFT projects from scratch. Seaport allows anyone to update or generate code, which also means that everyone can use the protocol to distribute and trade their own NFT. For the whole market, seaport, an open-source market protocol, may bring more innovative NFT new use cases in a low threshold way.
Not only that, seaport also provides more diversified trading methods. On the one hand, most current NFT trading platforms only allow the use of tokens to buy and sell NFT. Looksrare, which has effectively launched “vampire attacks” on opensea, also uses mixed tokens (weth+eth) or uses Eth and weth alone to buy and sell NFT. With the support of seaport agreement, sellers can offer NFT including eth, erc20, erc721 and erc1155 to make bids. For example, when a user owns a doodlenft worth 40eth but wants to trade a baycnft worth 100eth, he can use the doodlenft and 60eth he will own to make a combined bid; Users can exchange one boredape for bundles of uni tokens including cryptopunk, cryptoadz and uniswap.
On the other hand, seaport protocol provides users with a barter transaction mode. In fact, in the NFT investment process, compared with the specific appearance of these NFTs, many investors are more concerned about feature attributes, and seaport will allow users to specify a single NFT and specific features. For example, if the user wants to use boredape to trade an azuki with golden attribute, it can be set that only the wallet with NFT attribute can be traded. This will greatly improve the transaction efficiency of NFT assets.
Seaport, a new protocol under opensea, changes NFT playing method and accelerates Web3 process
In addition, for most users, it is difficult to judge the specific market value of NFT. To this end, seaport protocol allows users to create a Dutch auction, set a start and end price, and the auction duration, and then sell according to the reduced or increased price mechanism until a buyer is found or the auction time expires.
Of course, opensea is one of the applications that consume the most gas fees. Seaport protocol has also been optimized, which will reduce users’ transaction costs to a certain extent. At the same time, seaport also enables the tip reward function, as long as the amount does not exceed the initial quotation of the listed NFT.
It is worth mentioning that with the rapid development of NFT ecology, its security problems have become increasingly frequent, including opensea’s external phishing attacks, which led to the theft of some users’ NFTs. In order to ensure security, seaport protocol has not only won the security audit of trailofbits, a security research company, but also launched a two-week protocol audit competition with a total bonus of $1million. Any developer can review the code and submit the found reviews and errors to obtain rewards.
Seaport, a new protocol under opensea, changes NFT playing method and accelerates Web3 process
“Just as uniswap uses open source decentralized transactions to change the rules of the game for encrypted transactions, seaport launched by opensea may have the same potential, which will fundamentally change the way NFT purchases, sells and trades, and sound the clarion call for the start of competition. In the coming months and years, the market pattern will change dramatically. Many projects will choose to build the NFT market based on seaport, and even the agreement may become the NFT market Field standards. Since the code is open source, all markets will participate in the user competition. Who will create the next killer function to attract users? How fast will competitors catch up or surpass? ” According to the analysis of netizens named “atareh”, nftsummer may appear soon.
In short, from the previous acquisition of NFT transaction aggregator gem to the launch of seaport agreement, we can see that opensea has increasingly attached importance to user experience and its determination to consolidate its market leading position. The emergence of seaport protocol can be regarded as “uniswapv3 moment in NFT field”. While going further to Web3, it also improves the market efficiency of NFT transactions, and urges the field to unlock more innovative use cases and release greater potential.