Recently OpenSea announced the launch of a new protocol Seaport, it looks like a response to the haters' claims that OS is a Web2 company. The protocol promises us. And who are we? Users and creators of course, the ability to receive NFTs, offering a completely different approach than is currently accepted. It will be possible to create an offer and put ETH / ERC20 / ERC721 / ERC1155 into it in exchange for NFT, which implies the exchange of tokens as a payment method for NFT.
What else?
Users can now filter by the NFT traits they want in exchange for their offer. For example, do you want to sell your golden BAYC and get a golden NFT Azuki with an additional payment of ERC-20 token? Please! Can you do this. And only owners of wallets that have such NFT can participate in the offer. In addition, the platform has introduced a tip function only if they do not exceed the price of the offer. And it will also allow third-party services to receive a commission.
Seaport supports auction format with starting and ending cost. NFT holders have the right to independently choose the cryptocurrency that they will accept as payment.
open source
Yes, yes, perhaps this is the result of the latest vampire attacks on the OS and the development of alternative marketplaces. As the saying goes: “If you can’t win, lead.” OpenSea invites the developer community to develop the protocol together and assures that they will not control Seaport.
Moreover, the introduction of a shopping cart system on the platform was announced, which was really lacking. In addition to the practicality of being able to respond to several ads at the same time, this solution will unload the network and reduce gas costs.
Transactions
Seaport will facilitate transactions using "fulfillments" to ensure they are processed correctly and combat gas from (Gas War or Gas War). The new system eliminates redundant transfers, which are usually the most resource intensive, and allows "novel and efficient" transactions. There are several other features, such as zones and channels, that improve the transaction process, allow for bartering, and prevent the system from being abused. But this is yet to be learned in practice.
Not so simple
As mentioned above, OpenSea relies on open-source and called on interested smart contract developers to take a look and help optimize, simplify, and analyze potential security issues. Open Zeppelin audited the protocol Seaport at the very beginning of the development process, and Trail of Bits conducted a protocol review near the end of the current rollout.
None of the reviews found serious vulnerabilities in the protocol. If anyone is interested to read the full report from Trail of Bits available via the link below. This announcement has been met with much skepticism and confusion from various quarters, with many hoping to better understand the protocol. Seaport over time, which is a fairly understandable position of the majority.
In response, OpenSea decided to hold a bug bounty audit contest 🙂 for $1M.
https://code4rena.com/contests/2022-05-opensea-seaport-contest/
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Opinions were divided. Some call it the “Uniswap moment”.
Members OpenSea a little confused by the news of the transition to a new protocol. One tweeter called for an examination of how Seaport compares to NFT 0x v4 swaps, while another user asked the logical question, how would trading NFT and ETH for one token be declared on tax forms?. Logical questions, given that many still do not understand the transition to Seaport at 100%.
Transparency
Additionally, Seaport supports EIP-712. This standard allows portfolios to display structured and readable data during a transaction to avoid errors and approximations. Target Seaport - improve this standard so that the parties involved in the transaction know exactly what the buyer and seller will receive in return.
One thing can be said, NFT trading has a chance to change a lot.
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