Golden Observation | Will Seaport be NFT's "Uniswap moment"?

Opensea recently announced the creation of a protocol called Seaport for the NFT marketplace. Seaport may fundamentally change the way we buy/sell/trade NFTs.

Please look at Seaport in the same way as Uniswap . Uniswap has changed the game with their open source decentralized exchange, which we are now calling part of DeFi Summer 2020. Check out DeFi Summer:

Uniswap is an open source platform, and there have been multiple imitators across the chain (sushiswap, pancakeswap). This has led to massive growth and innovation in DEX and DeFi.

This move by Opensea may have the same potential. This is the signal for Opensea to turn to the competition: go ahead and let the best in the market win.

Currently, Opensea is a marketplace platform (like Facebook). The platform offers services that let you buy and sell NFTs. Opensea (the company) controls 100% of the platform, so any changes to the code (such as accepting APE) are centralized.

In short, protocols are like "standards". We are all familiar with email, which uses SMTP, the Simple Mail Transfer Protocol. It's the standard protocol for sending email over the Internet, and it's used by every email client from Google to Yahoo.

The most important thing the protocol lets you do is "transfer" your account, or interoperate their clients.

Therefore, Opensea is helping to decentralize the buying and selling/trading of NFTs by launching the Seaport protocol.

Here are 6 takeaways from reading Seaport and what it means for the NFT industry:

1. Open source code: With Seaport, anyone can use the protocol to build an NFT market because it is decentralized and open source; in the next few years, we expect to see more NFT markets and more competition = Better + faster innovation;

2-1. Decentralization: Opensea stated that the agreement has no contract owner, and anyone can update or fork the code. To understand what this means for the future of the NFT market, consider the ERC-721 token standard. Everyone issued their NFT with it until..

2-2. People are tired of high gas fees, so Azuki has found contract optimization to save users' gas. Although there are some limitations, many projects now choose to use it to organize control of the ERC-721 standard whenever possible.

3. Buy or trade: Currently, NFT can only be bought or sold with ETH or homogeneous tokens (APE, USDC , DAI ). On the Seaport protocol, it will be possible to exchange NFTs for other NFTs or sell them for ETH or ERC-20 tokens. So you can list your MAYC as 25ETH, or 5 ETH + 1 Azuki, or just 2 Azuki's, with great flexibility.

4. Trading specific NFT: When trading NFT, you can set the exchange specific NFT. So, just want to trade your level 2 Azuki for gold BAYC? You can specify that only wallets with Gold Ape can trade your NFT.

5. Dutch auction listing: Not sure what the market price of your NFT is? Create a Dutch auction! With Seaport, you can set a start and end price, stating when you want the auction to run. Once listed the price will be lowered (or raised) until a buyer is found (or expires).

6. Find bugs and earn dollars: Opensea is running a two-week audit competition with a total prize pool of $1 million. Any developer can review the code and submit comments and bugs they find, and be rewarded for their work.

The NFT market landscape will look very different in the coming months and years. It can be expected that many will choose to build on the Seaport protocol, which will increasingly become the standard for NFTs.

What I'm most excited about is the innovation that Seaport brings. Since the code is open source, all markets will compete for users. Who will create the next killer feature to attract users? How quickly will competitors catch up or surpass innovation?

This is the "Uniswap moment" for NFT, what happened after Uniswap? DeFi summer. Maybe there will be another NFT summer soon...

Original Author: atareh.eth