Business News Report
July 21, 2023

OpenSea’s NFT Trading Feature “Deals” Fails to Impress

In Brief

OpenSea has introduced a new feature called “Deals” that allows users to trade NFTs by offering their own NFTs instead of using cryptocurrencies.

While the feature aims to facilitate safer trading and act as a middleman in transactions, some users have expressed disappointment, stating that it came too late and during a period when NFTs are not performing well.

OpenSea’s New NFT Trading Feature Fails to Impress

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.

Read more:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

More articles
Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

Hot Stories
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Alchemy Pay Teams Up With BounceBit To Support Bitcoin Restaking Ecosystem
Business News Report Technology
Alchemy Pay Teams Up With BounceBit To Support Bitcoin Restaking Ecosystem
May 17, 2024
Magic Square Unveils IDO Platform Magic Launchpad To Democratize Retail Access For Web3 Investors
Business Markets News Report
Magic Square Unveils IDO Platform Magic Launchpad To Democratize Retail Access For Web3 Investors
May 17, 2024
Binance Partners with Taiwanese Authorities to Unveil Massive $6 Million Crypto Money Laundering
Opinion Business Markets Software Technology
Binance Partners with Taiwanese Authorities to Unveil Massive $6 Million Crypto Money Laundering
May 17, 2024
How to Understand the Value of Crypto Tokens?
Crypto Wiki Opinion Business Education Software Technology
How to Understand the Value of Crypto Tokens?
May 17, 2024