OpenSea has officially introduced Seaport 1.6, which features Seaport Hooks aimed at enhancing the value and liquidity of NFTs.
In Brief
With the launch of Seaport 1.6, OpenSea empowers developers with Seaport Hooks, allowing the creation of applications focused on increasing NFT utility and liquidity in the marketplace.
Non-fungible token (NFT) marketplace OpenSea Seaport 1.6 operates as an NFT-focused protocol within the Ethereum Virtual Machine (EVM) framework. It includes a fresh functionality called Seaport Hooks, which enables developers to craft applications that improve the utility and liquidity of NFTs. OpenSea anticipates launching its first application utilizing Seaport Hooks in April.
By permitting developers to employ custom contracts that can be interacted with by Seaport after completing a sale, Seaport Hooks make it possible to integrate personalized code into the transaction process of any Seaport sale.
These Seaport Hooks will give developers the edge to create automated bonding curves for NFTs, and they will also allow lending protocols to engage directly in buying and selling on Seaport’s markets. Furthermore, the sales process can dynamically relay information to an NFT during transactions, allowing for real-time data responses such as modifying metadata based on the trading volume. NFT Moreover, integrating price oracles, which are crucial for many DeFi applications, will become significantly easier for NFTs, supporting the introduction of time-weighted average price (TWAP) oracles.
Designed for settling peer-to-peer sales The Seaport 1.6 protocol has already been successfully deployed with on-chain items, and OpenSea is set to guide users in transitioning to order submissions via Seaport 1.6 starting March 25th. Be aware that the OpenSea API will stop accepting orders through Seaport 1.5 beginning April 1st.
OpenSea 2.0: Enhancing User Experience Through Dynamic Platform Improvements.
OpenSea This platform acts as a decentralized marketplace for the buying, selling, and trading of NFTs, providing a non-custodial service that gives users full control over their cryptocurrency wallets. OpenSea became the leading NFT marketplace during the last bullish market phase. In January 2022, following a successful funding round where they raised $300 million, the platform reached an astonishing valuation of $13 billion.
Recently, OpenSea unveiled plans To enhance user interaction and differentiate between NFT categories, efforts are underway to develop a significant upgrade known as OpenSea 2.0. Devin Finzer, OpenSea’s CEO, shared the vision of the new platform via a post on social media, transforming the overall user journey as diverse applications for NFTs continue to evolve.
Disclaimer
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