OpenSea's NFT Trading Feature, 'Deals', Isn't Gaining Much Traction
In Brief
OpenSea has unveiled an exciting feature called 'Deals' allowing users to trade NFTs by offering up their own assets instead of relying on cryptocurrency transactions.
Despite the intention behind this feature to promote safer trading and act as a facilitator in transactions, numerous users have voiced their dissatisfaction, claiming the introduction is too late, particularly at a time when the NFT market isn't performing strongly.
OpenSea has recently introduced a trading feature on its marketplace that lets users exchange NFTs. The well-known NFT marketplace shared the news of its latest addition, 'Deals', through a tweet posted on Friday. feature This new feature permits traders to obtain new NFTs by offering their existing ones rather than making purchases through cryptocurrency.
Users are able to propose one or several of their NFTs in exchange or even add some WETH (wrapped Ethereum) into the mix. To initiate a deal, users must know the recipient's username, ENS name, or wallet address.
Once a deal has been proposed, the recipient can view it under their 'Deals' section. Upon acceptance, the user agrees to pay the associated gas fees, and the NFTs will be swapped. OpenSea acts as an intermediary in these transactions, providing a layer of security for trading.
However, critics argue that this feature arrived at least a couple of years too late. During the height of the NFT boom in 2021 and early 2022, the enthusiasm surrounding NFTs was palpable. Had this feature been launched then, it would likely have seen widespread adoption. Fast forward to today, and the market enthusiasm has waned considerably.
Additionally, other platforms like F3.exchange, Yawww, and God Hates NFTs have been providing similar functionality for quite some time.
A Twitter user named Aaron Sage pointed out that OpenSea, being the largest NFT marketplace, generated a staggering $600 million in revenue during 2022. With such resources, it could have better supported its user base and creators. Yet, instead, it introduced a new trading feature during one of the lowest trading volume periods the NFT market has faced.
Recently, the platform has implemented several new features, including ... disabling creator royalties and OpenSea Pro Nonetheless, many within the NFT community feel that these new additions aren't essential at this time.
Conversely, there’s a prevailing sentiment that OpenSea is directing its focus in the wrong area. Community members argue that the platform should prioritize enhancing its foundational features, including customer service, security measures, and the quality of listed NFTs.
Furthermore, there are ongoing discussions suggesting that OpenSea isn't doing enough to support creators. The platform should be actively promoting NFTs made by independent artists and defending their intellectual property.
Ultimately, only time will tell if the new offerings from OpenSea will resonate with users. However, the platform is facing increased competition from other NFT marketplaces. To maintain its status as the top NFT marketplace, OpenSea needs to take actionable steps to address user concerns.
Read more:
- OpenSea aims to prevent NFT theft
- The OpenSea Discord server faced a security breach, during which a bot advertised a fictitious YouTube partnership.
- OpenSea Acquires NFT Aggregator Gem
- Top 30+ Crypto Gambling Websites in 2023
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