Let’s make a deal… for NFTs. Non-fungible token (NFT) marketplace OpenSea announced Thursday that it is rolling out “Deals,” a peer-to-peer NFT swap feature to help traders bolster their collections and connect directly with other collectors.
OpenSea said in a tweet that Deals will allow collectors to trade NFTs with each other — and add packaged ether (WETH) to “sweet the deal.” It added that the feature is powered by OpenSea’s native NFT protocol Seaport.
OpenSea added that the product aims to make the NFT swap process reliable and fend off “fuzzy DMs and websites” that many collectors fall victim to when trading NFTs.
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According to the Deals webpage, users can enter the username, ENS name or wallet address of the person they want to make a deal with. They can then select up to 30 NFTs, as well as the amount of WETH they want to add to the swap, if applicable.
They then select the assets they want to offer to trade and then they can submit the deal for consideration. At this point, OpenSea requires that the NFTs on both sides of the deal be in the same chain and come from badged (verified) collections.
If the user accepts the Deal, they will pay all gas fees required for the transfers, but from now on, Deals swaps will not have any OpenSea fees or pay royalties to the maker.
OpenSea competes fiercely with leading zero-fee marketplace Blur, which has challenged the platform’s market share since its October launch. In May, Blur launched Blend, its native lending platform, which captured 82% of total NFT trading volume in its first three weeks.
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