The NFT market has undergone a negative decline which perhaps few have noticed, probably due to the quantity information that often circulates on the integration of new technology in very popular sectors such as sport and fashion.
It is not in fact, difficult to come across news concerning the digital industry and in this regard, non-fungible tokens have dominated in recent months.
Since the beginning of 2022, the market in question has experienced a very significant drop in interest.
As if that weren't enough a lot of misinformation about the digital sector, the Defi and the blockchain, making it difficult for network users to be interested in something they do not fully understand.
Also one of the most popular platforms; famous, Opensea, has faced problems that have strained the trust of its users.
The last one concerns a declaration of the same in which it is admitted that about 80% of the Non-Fungible-Tokens are spam or fake. Incredible isn't it? Just read Tom Hardware:
"OpenSea, the world's largest non-fungible token market, revealed late last week in a Twitter thread that over 80% of NFTs minted using its minting feature free were plagiarism, spam or fake. "
In this regard, Opensea has decided to reward the users' trust by launching a new protocol that promises to further revolutionize the sector for those who believed in the platform: Seaport Protocol.
Security should be always in the first place, like efficiency, never less. On Cointelegraph we read thus the announcement:
"The Non Fungible Token Market (NFT) OpenSea has announced the launch of a Web3 market protocol for buying and selling NFTs safely and efficiently."
Let me illustrate and explain easily what we are talking about with the Seaport protocol.
Opensea, how does the NFT platform work?
A quick reference to the features of this leading platform is a must for anyone who does not know it yet.
Opensea is a platform specialized in the creation and sale of NFT, based on the Ethereum blockchain and that we can use by paying for its services in Ether.
After creating your own digital wallet, creating an account on Opensea and connecting our wallet to the platform, we can start buying, creating and selling our tokens.
Opensea is objectively the leader among the marketplaces in the sector and not by chance:
Like many other big realities of the moment, it have to face a very difficult period, in which the blockchain sector, despite its notoriety acquired, is failing to sustain the 2021 interest levels.
This might rightly raise doubts.
Downward trends for the NFT market, are they in danger of disappearing?
If we use this specific data only for the benefit of transparency and the awareness that every investor deserves to have.
Nobody would cross a road intersection with their eyes closed and the same goes for the financial market: nobody can invest your capital if you do not have a clear picture of the situation.
According to experts, the volume of transactions on Opensea arrived to be around 300 million dollars in the recent weeks to $ 70 million a day. A drastic drop, of course.
Basically we are talking about a unique revolution, capable of pushing different forms of art within the digital landscape, proving to be a good opportunity to monetize one's passions or skills.
For the rest it is still a fluctuating market that needs stability, therefore is not strange to see a strong price hike based on this that happens in the world, to the number of famous people who show off it and the news in this regard.
Opensea relaunches NFT with the new Seaport protocol!
In this regard, in order to overcome the lack of interest of users, and to exploit the growth potential of this sector, the companies are constantly renewed.
Opensea is the number one marketplace in the world for NFT and could not avoid this task.
For this reason it has launched the new Seaport protocol, available not just for the parent platform, but for all developers and content experts interested in working on it!
Also on CryptoPotato here is who the new protocol is aimed at for the sale of NFT:
"On May 20th, OpenSea introduced Seaport, a brand new NFT Web3 marketplace for exchanging popular token collections. The new decentralized protocol is not only for OpenSea, but all developers, creators of content and collectors can rely on it."
The launch message had already been sent in April, consolidating itself in these days of May, promising to give new life to the sector, improving the experience of experts and newbies in the NFT market.
One therefore wonders: what could one expect from such an initiative?
NFTs can also be exchanged with the Seaport platform
The new platform will allow a series of very interesting options, never seen before, also with the help of the company Gem, aggregator of NFT markets.
The methodology with which users will be able to acquire NFTs will be different and divided into other new modes.
Specifically it will be possible to simply exchange your non-fungible tokens, or even add them to the digital money we have available in case another token we want costs too much for our pockets!
Practical example: We need to buy a 100 ETH collection, but our wallet has 50? Well, from today with Seaport we can offer 50 ETH NFTs that can bridge the gap for us that we want to buy.
Another key feature, which puts Seaport Protocol in a whole new light is the fact that it is opensource.
It won't be de facto dependent on Opensea directly, but will be put at the service of network users and fans of the Web3 universe.
In short, a series of features that make the NFT market even more attractive and curious, if only for the flexibility, safety and efficiency so boasted by the development team!
Magic Eden vs Opensea: who will win?
Of course, among the NFTs we also have other valid marketplaces such as Magic Eden.
We are talking about another company noteworthy within the token and blockchain sector, which obviously aims to oust the rival Opensea from the first place in the world, forcing it to innovate more and more to maintain the vacillating record.
Not surprisingly, in fact, the same REIS writes about the "partial primacy" that Magic Eden can have to boast against the rival:
"While OpenSea's numbers surpass those of its Solana-based rival, analysis of the percentage growth of both reveals the dominance of Magic Eden."
As already said, in general the average of daily transactions of the world leader of the NFT dropped a lot, while Magic Eden recorded an increase of 10%.
Of course, the estimates do not take into account years or many months, but they are longer estimates. However, the birth of Seaport Protocol could also be due to pressure from rivals at play.
Seaport Protocol, a great revolution for NFTs that could favor a resumption of the trend
What could push an NFT platform already?
Well it is obvious how the market is still evolving and we will probably continue to see it do up and down for another period of time.
The birth of Seaport Protocol has pushed the NFT sector to be re-evaluated once again by both experts and most curious, who find in the new features one more reason to approach the universe of digital tokens with renewed enthusiasm.
As an opensource platform, Seaport also captures the interest of many other companies and developers who will be able to independently leverage the new protocol by charging their own platform fees.
On Crypto News we read about one last option:
"In addition, OpenSea has also stated that the protocol will allow tipping", which can be used by developers of other interfaces to charge their own platform fees."
In short, several very innovative features aim to relaunch not only Opensea, but the whole Non-Fungible-Token sector, once again highlighting the importance of user experience.