OpenSea introduces Seaport Protocol to improve the efficiency of NFT transactions
The brand new web3 protocol is designed to improve the efficiency and safety of NFT transactions.
OpenSea has released an official statement to introduce a new web3 marketplace protocol called Seaport Protocol to blockchain community members. This protocol is designed to help builders, creators, and collectors of NFTs efficiently buy and sell their choice NFTs.
According to OpenSea, the Seaport protocol is open source and inherently decentralized, offering no special privileges, contract ownership, or upgradeability. Furthermore, it operates in a manner different from most current marketplaces, which only allow for listings where one party agrees to supply an NFT, and the other agrees to supply a payment token.
In the case of Seaport, OpenSea states:
Seaport takes a different approach: offerers can agree to supply a number of ETH / ERC20 / ERC721 / ERC1155 items — this is the “offer.” In order for that offer to be accepted, a number of items must be received by the recipients indicated by the offerer — this is the “consideration.”
Another critical point to note about this new marketplace is that it is not controlled or operated by OpenSea. Instead, It was created as a foundation to empower the developer community to work together to improve service delivery to the NFT community.
OpenSea has urged interested smart contract developers to take a look and help optimize, simplify, and review potential areas of security concern. As a result, the security review and audit of this protocol were performed by OpenZeppelin and Trail of Bits, respectively, with contributions and review from external developers such as Dillon Kellar, transmissions11, samczsun, Riley Holterhus, brockelmore, and fiveoutofnine.
This announcement has been met with a lot of skepticism and confusion from various quarters, and many hope to have a better understanding of this protocol as time progresses.
Additional information on the project can be found on the OpenSea website.