OpenSea Makes ‘Deals’ Launches Peer-to-Peer NFT Swaps

Opensea launches a new feature for collectors to trade NFTs directly with each other as well as add WETH to "sweeten the deal".

Let’s make a deal for NFTs

Opensea NFT Marketplace revealed Thursday its launch of “Deals,” a peer-to-peer NFT swap function to assist traders in expanding their collections and directly engaging with other collectors.

OpenSea tweeted that Deals will enable collectors to exchange NFTs among each other – as well as to contain wrapped ether (WETH) to “sweeten the deal.” It also stated that the capability is powered by OpenSea’s native NFT protocol Seaport.

OpenSea included that the product intends to make the NFT swapping more trustworthy, by preventing “sketchy DMs and websites” that many collectors fall prey to while trading NFTs.

Opensea P2P NFT Swap - How it works

According to the Deals webpage, traders can join with the user credentials, ENS name, or wallet address of the person with whom they want to do a deal. They can then choose up to 30 NFTs as well as how much WETH they wish to add to the swap, if any.

They next choose the assets they want to trade, after which they can submit the agreement for review. The NFTs on both sides of the transaction must currently be from badged (verified) collections and be on the same chain.

If the user accepts the Deal, they will pay any gas fees required for the transfers, but as of currently, Deals swaps will not incur OpenSea fees or pay creator royalties.

According to a representative from OpenSea, Deals seeks to increase user participation in NFT communities by streamlining the switching procedure. Collectors can transfer NFTs on OpenSea using Seaport without taking any risks that could happen off-platform.

Join the revolution and explore the new era of NFT trading on OpenSea Deals!}