NFT marketplace OpenSea has announced this week the launch of a Web3 marketplace protocol that will allow users to barter non-fungible tokens with one another.
OpenSea unveiled its new marketplace protocol, called Seaport, on Friday.
They stressed that “OpenSea does not control or operate the Seaport protocol — we will be just one, among many, building on top of this shared protocol.”
The NFT marketplace added that, “As adoption grows and developers create new evolving use-cases, we are all responsible for keeping each other safe.”
The new marketplace protocol will allow users to “agree to supply a number of ETH / ERC20 / ERC721 / ERC1155 items” in exchange for NFTs, as it allows users to barter NFTs instead of just paying for them with Ether, for example.
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Furthermore, Seaport market participants can specify criteria such as certain traits on NFT artwork or pieces part of a collection they want when making offers.
In the announcement, OpenSea revealed that they will allow tipping, but the amount tipped cannot be larger than the initial offer/purchase price.
This development comes after OpenSea announced last month that it had acquired NFT marketplace aggregator Gem, which they said would continue to operate as a stand-alone product rather than being consumed by OpenSea.
However, OpenSea said they are planning to integrate Gem features, including rarity-based rankings, into their own NFT marketplace.
OpenSea was launched in 2017, and it is currently one of the most popular NFT marketplaces in the world by monthly transaction volume.
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