OpenSea launches 'Seaport' ​​marketplace protocol allowing NFT bartering

Sebastian Parker
Sebastian Parker
Last Updated on May 20, 2022

OpenSea, a nonfungible token marketplace, has launched a Web3 marketplace protocol to “safely and efficiently buy and sell NFTs.”

OpenSea announced Friday that Seaport will allow users to receive NFTs through offering assets other than payment tokens such as Ether ( ). The platform states that users can agree to supply a certain number of ERC20/ERC721/ERC1155 items in exchange for an NFT. This implies bartering with a combination tokens.

SeaPort users have the option to specify criteria, e.g. SeaPort users can also specify which criteria — e.g., NFT artwork pieces or parts of a collection — they wish to include in their offers. Tipping is also possible on the platform, provided that the amount paid does not exceed the original offer.

The NFT marketplace stated that OpenSea doesn’t control or operate the Seaport protocol. It will only be one of many building on top this shared protocol. “We all have a responsibility to keep each other safe as adoption grows and developers create new use-cases.

Some users on social media were confused about the new marketplace protocol. Twitter user EffortCapital called to ask about Seaport’s comparison to 0x v4 ETH swaps. User phuktep asked how trading NFTs and ETH would be reported on tax forms.

Related: 5 NFT markets that could overthrow OpenSea 2022

OpenSea announced in April that it had purchased NFT marketplace aggregator Gem. This launch marketplace protocol was intended to enhance the user experience. OpenSea stated that Gem would be a standalone product and would integrate Gem features such as a collection floor price sweep tool and rarity-based ranking.