Although the NFT market is sluggish, innovations continue to flow from the enterprise side. OpenSea has just unveiled the Deals, its new service offering the possibility of exchanging non-fungible tokens on a peer-to-peer basis, all without transaction fees levied by the platform. This new feature is being rolled out as part of its commercial battle against the Blur platform, the rising star in the NFT market.
Peer-to-peer NFT exchanges
Since their popularization in 2021, the majority of acquisitions of non-fungible tokens (NFTs) took place in the following way: an individual put their NFT up for sale at a fixed price Or in the form of an auctionwith cryptocurrencies as currency.
However, the NFT OpenSea marketplace has just launched a new feature to offer new possibilities to its users: these are the Deals.
Introducing Deals: offer your NFTs for theirs, securely on OpenSea.
👉 https://t.co/bTciJLUWDK pic.twitter.com/KR2MLbi7jh
—OpenSea (@opensea) July 20, 2023
Concretely, a Deal on OpenSea corresponds to a peer-to-peer exchange of NFTs. Thus, if two users wish to exchange NFTs between them, OpenSea acts as an intermediary to secure the transaction between the two parties. Note that a Deal can hold up to 30 NFTs in a single transaction.
If this functionality develops on other marketplaces dedicated to NFTs, it would represent a real asset for developing certain key sectors of Web3, like video games. Instead of exchanging their virtual items in NFT format using cryptocurrencies, players will be able to exchange their items directly with each other, thus removing a barrier to entry.
However, since multiple NFTs may have a different value, OpenSea has added an option to include WETH to these new transactions. Thus, an OpenSea user is able to hand over their additional 8 Azuki NFTs and 25 WETH to obtain a Bored Apes Yatch Club (BAYC) Collection NFT, provided the second user accepts the offer.
In this way, OpenSea continues to grow by offering new features to its loyal users, at a time when its legitimacy is questioned. by the meteoric growth of the Blur platform.
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OpenSea & Blur – The fight for a downtrend market
As these lines are written, the NFT market is down : transaction volumes have been declining for several months on marketplaces, while the weekly average price for the purchase of NFTs from the BAYC, Azuki and CryptoPunks collections are respectively down 80%, 82% and 95% since their previous ATHs.
In this context, the Blur platform was able to do well with the Web3 community. Directly opposing OpenSea, it attracted crowds thanks to its two key assets: BLUR airdropsits native token, and the absence of fees levied on transactions.
Nowadays, Blur holds the largest transaction volumes in the NFT market, whileOpenSea has the highest number of monthly users:
Number of unique users using NFT marketplaces on Ethereum
Moreover, after a first airdrop of BLUR tokens in February 2023, platform users expect a second airdrop, explicitly announced on the marketplace website. Will this be enough to convince NFT collectors in the long term? Time will tell us.
👉 Yesterday in France – The NFTs arrive at the Monnaie de Paris for an ephemeral exhibition
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Source: OpenSeaTB-Data
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Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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