OpenSea Introduces Deals to Enable Direct NFT Swaps

The new feature will allow users to exchange NFTs with others in place of crypto.
Image source: OpenSea/Twitter

Quick take:

  • OpenSea has introduced a new feature called Deals.
  • It will allow users to trade NFTs through peer-to-peer swaps.
  • Traders search for NFTs that they would like to swap for in the marketplace and then complete the deal by offering one of theirs from their wallet.

OpenSea has introduced a new feature that lets users swap NFTs. The NFT marketplace in Friday posted a tweet announcing Deals, a new feature that allows traders to acquire new NFTs using theirs in place of crypto.

Deals’ announcement comes on the back of a series of partnership reveals that saw the company launch the Opepen collection.

Earlier this week, OpenSea hinted it was announcing a new feature “soon” with a hand-drawn vector graphic. 

And now, according to the company’s tweet on Thursday, traders can swap multiple low-value NFTs for a single high-value NFT, or even top up the balance using WETH. 

Deals comes at a time when the NFT market is under pressure from declining venture funding and falling floor prices.

The new feature also eliminates the risk of dealing with traders via direct messaging, which at times can lead to a loss of assets in wallets. Traders can offer, view, and accept deals directly on OpenSea. 

To swap an NFT for another, all users need to do is search a user by name, and set a time limit on how long they want the deal to remain open. The transaction is completed by vising their wallet and sending the NFT they would like to use in the deal, OpenSea user RainyReece demonstrated the process on Twitter.

OpenSea has lost its position as the leading marketplace to Blur. However, the platform still has the highest number of listed collections and user accounts, which showcases its potential to bounce back with the introduction of the right features.

Deals is powered by Seaport, OpenSea’s advanced NFT trading platform launched in June 2022.


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