Technology

Here’s how you can exchange your NFTs

Non-fungible-token (NFT) marketplace OpenSea has announced the launch of a new marketplace protocol called ‘Seaport’. The new protocol will facilitate buying and selling of NFTs “in new ways.”
What makes Seaport different from any other marketplace is that users will be able to bundle different digital assets in an exchange for an NFT, unlike NFT marketplaces that only allow users to exchange crypto for buying NFTs. For instance, say you have a boring ape avatar NFT that costs 100 Ethereum (ETH), and you want to buy a 150 Ethereum worth doodle. In this case, you can offer your bored ape NFT worth 100 ETH and 50 ETH to the buyer and get hold of the NFT you want.
In addition, Seaport users can specify which criteria such as certain traits on NFT artwork or pieces part of a collection they want when making offers. The platform will also support tipping, as long as the amount does not exceed that of the original offer.

“OpenSea does not control or operate the Seaport protocol — we will be just one, among many, building on top of this shared protocol,” said the NFT marketplace. “As adoption grows and developers create new evolving use-cases, we are all responsible for keeping each other safe.”
Meanwhile, there are other tools like SudoSwap which lets a user barter for NFTs. However, this feature is now becoming native to OpenSea. “A fulfiller may include additional consideration items when fulfilling a ling as long as they do not “tip” more than the original offer,” said the statement from OpenSea. “This allows alternative interfaces to include their own fees.”
OpenSea also announced the acquisition of NFT aggregator company Gem, to better serve its users. According to a blog post, OpenSea says it will integrate “the best of Gem’s features,” giving its users a “pro experience.” Gem allows users to buy NFTs across several NFT marketplaces in a single transaction, and with any ERC-20 token rather than only Ethereum. Users can also view analytics, such as sales volume, floor prices and rarity-based ranking for NFT collections. The rarity index ranks an NFT based on how rare it is, making it easier for users to choose the right NFT

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