OpenSea: a new NFT market protocol to restore its reputation

OpenSea updates its engine – The ecosystem of NFT has experienced unprecedented growth since the second half of 2021. At the same time, the platform Offshore has established itself as the undisputed leader between NFT buying and selling platforms. The latter has just announced an improvement of its protocol with the deployment of Seaport.

OpenSea presents Seaport

Offshore is the reference NFT buying and selling platform. With several billion monthly volumes, it stands out as the undisputed leader of the NFT ecosystem.

On May 20, it announced a major change in its protocol. In fact, OpenSea presented Seaport, “a brand new Web3 market protocol to buy and sell NFTs safely and efficiently”.

Sea port logo

Basically, Seaport is a protocol that allows the purchase, sale and exchange of NFTs. Although developed by the OpenSea teams, Port is a protocol open source. Therefore, other NFT markets could be developed on the basis of the latter.

“OpenSea does not control or manage the Seaport protocol. We will be just one of many, building on this shared protocol. “

OpenSea declaration

The Seaport code has already been checked from 2 companies, namely OpenZepplin and Trail of Bits, withoutno vulnerabilities principal it was not discovered.

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Seaport: efficiency above all

The Seaport protocol introduces many improvements in the functioning of NFT’s buying and selling platforms.

Usually, NFT exchanges allow for sale announcements, where an NFT is offered for sale for a certain amount of tokens.

For its part, Seaport offers a new approach. In fact, sellers will now be able to accept many rewardsin the form of ‘ethers (ETH) (as has happened until now), but alsoERC-20 or even other NFTs, in the form ofERC-721.

For example, a user could use Seaport to list a CryptoPunk NFT, accepting in exchange a package consisting of a Mutant Ape Yacht Club NFT along with DAI.

Furthermore, it will be possible to specify some criteria for the completion of the sale, such as the request for an identification token or a specific trait of a collection.

Under the hood, the Seaport contract appears to be a masterpiece of accomplishment. In fact, several developers have shared theirs enthusiasm as for the optimizations carried out in the smart contract code.

This is particularly the case with the developer @JetJadeja who said on Twitter:

Damn ! This is one of the best, if not the best, Solidity directories I’ve ever seen. “

In fact, the contract contains many passages written in assembler, allowing for an important gas cost optimization.

The care of the code and its safety it could very well allow OpenSea to do this restore its image. The platform, in fact, has made headlines many times after being the target of attacks of all kinds, such as the the last to target his Discord server.

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