{"id":11031,"date":"2022-05-23T16:06:21","date_gmt":"2022-05-23T16:06:21","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/openseas-new-marketplace-protocol-could-become-uniswap-moment-of-nfts\/"},"modified":"2022-05-23T16:06:23","modified_gmt":"2022-05-23T16:06:23","slug":"openseas-new-marketplace-protocol-could-become-uniswap-moment-of-nfts","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/openseas-new-marketplace-protocol-could-become-uniswap-moment-of-nfts\/","title":{"rendered":"OpenSea\u2019s New Marketplace Protocol Could Become \u2018Uniswap Moment\u2019 of NFTs"},"content":{"rendered":"
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Source: AdobeStock \/ JorgeEduardo<\/figcaption><\/figure>\n

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The popular non-fungible token (NFT) marketplace OpenSea<\/strong> has unveiled a new protocol that allows anyone to set up new and decentralized NFT marketplaces. And judging from some members of the community, the protocol could become the \u201cUniswap <\/strong>moment\u201d of NFTs.<\/p>\n

OpenSea said that the first iteration of the new protocol, dubbed Seaport<\/strong>, has already been created by OpenSea itself, but stressed that it is open for anyone to build on. The protocol reportedly allows for a number of new features, including new ways of paying for NFTs, criteria for transactions, and new techniques for eliminating redundant transfers in order to reduce gas fees.<\/p>\n

Additionally, OpenSea also said the protocol will allow for \u201ctipping,\u201d which it said can be used by developers of other interfaces to charge their own platform fees.<\/p>\n

The key aspects of the new protocol are that it is not controlled by OpenSea and that it will become a free and open resource that can be used by anyone.<\/p>\n

\u201cThe core smart contract is open source and inherently decentralized, with no contract owner, upgradeability, or other special privileges,\u201d the announcement from Open Sea said.<\/p>\n

OpenSea has in the past been criticized by users for operating in a centralized way, with Iranian users complaining in March this year that they had been banned from the platform without any advance notice. OpenSea at the time defended<\/a> itself, saying that as a US-based company it must comply with US sanctions regulations.<\/p>\n

Now, however, members of the NFT community appear to be happy, with one popular member, atareh.eth, saying that he believes this could be NFTs\u2019 \u201cUniswap moment,\u201d referring to how the decentralized exchange Uniswap (UNI) kickstarted the \u2018decentralized finance (DeFi) summer\u2019 of 2020.<\/p>\n

\u201cPerhaps there’s another NFT summer on the horizon soon enough…,\u201d the user wrote<\/a>.<\/p>\n

The same user also went into more depth on how the new protocol will function, explaining that it will open up for more advanced functions like trading one NFT for another and setting specific criteria for who can take the other side of the trade.<\/p>\n

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OpenSea was founded in 2017 and built out during the 2018 crypto bear market. It has long been the dominant marketplace for NFTs, although it has increasingly been challenged by LooksRare<\/strong> as well as marketplaces based on blockchains other than Ethereum (ETH).<\/p>\n

____<\/p>\n

\u00a0<\/strong>
– OpenSea Now Supports Solana NFTs in Beta
– OpenSea Boosts Valuation 9X as This NFT Giant Sets Four Strategic Goals<\/p>\n

– OpenSea’s Trading Volume Remains in a Downtrend Amid Recent Attacks
– Removing LooksRare’s USD 8.3B in Wash-Trades, OpenSea is Still the Dominant NFT Marketplace<\/p>\n

– Decentralization Debate Heats Up Again as MetaMask, OpenSea Block Users
– Another Expensive NFT Gets Mistakenly Sold at Large Discount – How Does That Happen?<\/p>\n<\/p><\/div>\n