OpenSea has unveiled a new feature to its marketplace, enabling users to exchange NFTs. The popular NFT platform shared the news about their latest feature called “Deals” via a tweet on Friday. The feature allows traders to acquire new NFTs by offering their own NFTs instead of purchasing with cryptocurrencies.
Users can offer one or more of their NFTs in return or include some WETH (wrapped Ethereum) as part of the deal. To make a deal, users need to know the username, ENS name, or wallet address of the person they want to make a deal with.
Once you have sent the deal, the other user can see it in their “Deals” tab. If they accept the trade, they will pay the gas fees, and the NFTs will be transferred. Through the feature, OpenSea becomes the middleman in handling transactions, thus, allowing safer trading.
However, the feature came out at least one or two years too late. During the peak of the NFT market in 2021 or early 2022, there was a lot of excitement and interest in NFTs. At that time, OpenSea’s new NFT trading feature would have likely been appreciated and used by a lot of people. However, the market has cooled significantly since then, and there is no longer the same level of excitement and interest in NFTs.
Besides, other platforms, such as F3.exchange, Yawww, and God Hates NFTs, have been using this functionality for some time now.
Twitter user Aaron Sage wrote that the world’s largest NFT marketplace made $600 million in revenue in 2022. With that kind of money, OpenSea could have supported its users and creators.Instead, he wrote, OpenSea released a new NFT trading feature during the lowest trading volume period in the NFT market.
The platform has recently implemented some other features, including disabling creator royalties and OpenSea Pro. However, the NFT community believes that these features are not necessary at this time.
On the contrary, the community believes that OpenSea is focusing on the wrong things. They argue that the platform should instead improve its core features, such as customer support, security, and the quality of its listings.
Besides, there’s been discussions that OpenSea is not doing enough to support creators – the platform should be doing more to promote NFTs created by independent artists and protect their rights.
Only time will tell if OpenSea’s new features will be successful. However, the platform is facing increasing competition from other NFT marketplaces. If OpenSea wants to remain the leading NFT marketplace, it will need to do more to address the concerns of its users.
Source: mPost
