Non-fungible token marketplace OpenSea has announced the launch of the Web3 Seaport protocol, which will allow NFT bartering.

OpenSea Offers $1 Million for Finding Vulnerability in New Seaport Protocol

OpenSea, a popular NFT marketplace, announced the launch of a decentralized Seaport protocol that will allow users to purchase NFTs with assets different from payment tokens, such as ETH. 

The majority of existing NFT trading venues offer the exchange of non-fungible tokens for payment coins. The new protocol will enable users to exchange their NFTs based on ERC20, ERC721 or ERC1155 for the desired non-fungible tokens.

With Seaport, users will be able to determine which NFTs they would like to receive in exchange for their tokens. The protocol will make it possible to generate offers specifying part of the NFT collection and the tokens’ criteria and characteristics.  

OpenSea representatives clarified that the Seaport protocol would be fully decentralized. The Seaport smart contract will be open source. The protocol is currently being audited. Experienced users can participate in a contest to win about $1 million, which runs from May 20 to June 3. Participants have to identify threats or errors in the protocol and propose options for optimizing the gas price to receive the reward. 

Earlier analytical company MarketsandMarkets announced the research results, which showed that the NFT market may grow up to $13.6 billion by 2027.

Author: Diloram Sultankhodzhaeva
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