OpenSea launches NFT marketplace Seaport
The protocol is not just for OpenSea—but for all builders, creators and collectors of NFTs
By Shashank Bhardwaj
Image: Shutterstock
NFT marketplace OpenSea has unveiled its new Web3 marketplace protocol– SeaPort–which will allow NFT merchants to make direct trades with digital collectables buyers. The decentralised platform will not be owned or operated by OpenSea; instead, smart contracts will govern it, allowing all NFT builders and collectors to use it.
“Most current NFT marketplaces only allow for listings where one party agrees to supply an NFT and the other agrees to supply a payment token. Seaport takes a different approach: offerers can agree to supply a number of ETH / ERC20 / ERC721 / ERC1155 items — this is the “offer.” In order for that offer to be accepted, a number of items must be received by the recipients indicated by the offerer–this is the ‘consideration’,” OpenSea explained in a blog post.
“Seaport also supports the option to fulfill any number of listings at once through a set of ‘fulfillments'–each fulfillment corresponds to a single item transfer and indicates a group of offer items that the submitter can match with corresponding consideration items. As long as each consideration item on each listing is fully credited after all fulfillments have been applied, the offerers can leverage their coincidence of wants and complete their transfers,” the blog added.
Early in the development process, OpenZeppelin did a security evaluation of the Seaport protocol, and Trail of Bits completed an audit of the protocol near the end of the current deployment. During either evaluation, no serious vulnerabilities were detected.
The NFT sector has witnessed major competition in recent times, with several well-known companies entering the space and aiming to improvise. With Seaport, OpenSea is looking to take advantage of the increasing popularity of NFTs and the various use cases they will inevitably have. OpenSea also recently acquired Gem, an NFT marketplace place aggregator, to further enhance user experience.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

Crypto wallet users are warned as scammers might get active during the potential Ethereum hard fork
Read More..
Major financial institutions of Wall Street come together to set up digital assets exchange with on-chain settlement
Read More..
USDT goes live on NEAR Protocol, making it the 14th blockchain network to support Tether
Read More..
Ford is all set to make a grand entry into the Metaverse with virtual automobiles and NFTs
Read More..
UK advertising authority warns two former 'Love Island' contestants for crypto ads on Instagram stories
Read More..
Voyager Digital assets auction set for September 13 in Manhattan after company declares bankruptcy
Read More..
Data claims that trademark application for crypto, NFTs and Metaverse projects increase in 2022
Read More..
IMF states that crypto regulation needs to become a priority since crypto assets are now mainstream
Read More..
Arcane's expedition for repurposing Bitcoin mining heat can solve the global energy crisis
Read More..
CHZ, LDO and QNT made a bull run in the last 90 days, surpassing returns of top cap crypto assets
Read More..
New update means Facebook and Instagram users can post NFTs through linking their digital wallets
Read More..
Chinese Metaverse incoming! Beijing unveils intentions for two-year Metaverse innovation and development plan
Read More..
Uniswap reportedly looking at NFT financialisation and is talking to several lending protocols
Read More..
Uniswap Foundation gets green light after 99 percent of the community casts their vote in favour of the initiative
Read More..
Kenanga Bank and Ant Group partner up to revolutionise the digital investment management in Malaysia
Read More..
Crypto-aware parents and college graduates want their children to learn about crypto in schools
Read More..
Ready Player Me raises $56 mn in Series B led by a16z to expand its audience in the metaverse
Read More..
Crypto market at risk of a 20 percent drop to new yearly lows after breaking dreams of recovery
Read More..
A sharp increase in hacking this year leads to crypto security experts making $430k salaries
Read More..
SkyBridge Capital's Scaramucci believes that Bitcoin won't hedge inflation until it hits 1 bn wallets
Read More..
Fei Protocol founder proposes ghosting Tribe DAO following hack repayment while Beanstalk relaunches
Read More..
Hit and earn: Indian cricket fans can win as much as $500 a day playing cricket in the metaverse
Read More..
Czech prince William Rudolf Lobkowick is preserving heirlooms from his family's 700-year-old legacy using NFTs
Read More..
CryptoPunks' trading volume surges 1,847% after Tiffany & Co. launches exclusive NFT collection
Read More..
CoinDCX's India entity FY21 profit jumps nine-fold to Rs 4.36 crore, revenue rises to Rs 38.91 crore
Read More..
KuCoin raises $10M amidst the bear market; announces plan to support Indian Web 3 startups
Read More..
Crypto market stuck for now, but Bitcoin to make new all-time-highs within 24 months: Coinshares' CSO
Read More..
Mythical games enters a strategic partnership with NFL to launch play-and-own NFT video game
Read More..
CoinDCX offers an opportunity to its users to generate crypto yield on crypto assets through it's 'Earn feature'
Read More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange Coinberry
Read More..