On July 20, the popular NFT marketplace OpenSea unveiled a new feature called “Deals”, enabling peer-to-peer NFT trading. The addition is designed to enhance users' collections and stimulate interaction among collectors within the platform.
The new features
The “Deals” function not only allows users to trade NFTs directly but also provides the option to include Wrapped Ether (wETH) in the transaction to make it more appealing. OpenSea has revealed that the mechanism underlying this feature is its native NFT protocol, Seaport.
Wrapped Ether (wETH) is a token that represents Ether (ETH) on the Ethereum blockchain in a way that it can interact directly with other tokens and smart contracts.
As Ether itself is not an ERC-20 token (the standard for tokens on the Ethereum blockchain), it cannot directly interact with smart contracts and tokens. Its main purpose is to pay gas fees. This is where Wrapped Ether comes into play.
Wrapped Ether serves as an ERC-20 token equivalent to Ether, with each unit of wETH being equivalent to one Ether. This standardisation as an ERC-20 token makes it possible to interact directly with other tokens and smart contracts, thereby expanding Ether's functionality within its own platform.
The process of exchanging ETH for wETH (and vice versa) is commonly known as "wrapping" and "unwrapping".
The “Deals” feature was developed to make NFT swapping more secure, offering an alternative to insecure direct messages and websites that often exploit inexperienced collectors during NFT trades.
How to start a deal
Users can initiate a “Deal” by entering the username, ENS name, or wallet address of their trade partner. The process allows for up to 30 NFTs to be selected for the swap, with the option to add a specified amount of wETH.
Trading parties are then required to identify the assets they are willing to exchange, after which the proposal is sent for consideration. Currently, OpenSea mandates that NFTs involved in a deal should be from the same blockchain and verified collections.
Once a deal is accepted, the user needs to pay the required gas fees, but the exact cost is not disclosed. Interestingly, OpenSea has decided not to charge fees or creator royalties for “Deals” transactions, at least for now.
You can find a step-by-step guide on using the “Deals” here.