Nonfungible token (NFT) marketplace OpenSea reportedly disclosed details related to the roll-out of a Web3 marketplace protocol, supporting the “safely and efficiently buying and selling NFTs.”

Specifically, OpenSea reportedly claimed that the freshly released protocol – going by the name “Seaport” – will reportedly offer users the choice to secure NFTs, via making assets other than just payment tokens such as Ether (ETH) available. 

Per the platform, a user “can agree to supply a number of ETH / ERC20 / ERC721 / ERC1155 items” in exchange for an NFT, implying bartering a combination of tokens as a method of payment.

Furthermore, Seaport users will reportedly have the ability to select a particular criteria, nominally specific traits on NFT artwork or pieces part of a collection they desire, upon making offers. The platform will also offer facilitating features for tipping, under the condition that the sum does not cross the benchmark of the original offer.

“OpenSea does not control or operate the Seaport protocol – we will be just one, among many, building on top of this shared protocol. As adoption grows and developers create new evolving use-cases, we are all responsible for keeping each other safe.” NFT marketplace additionally remarked. 

A few individuals on social media seemed to be confused when it comes to concepts in the new marketplace protocol. Twitter user Effort Capital urged for further investigations regarding the way Seaport is, in comparision with 0x v4 NFT swaps, while user phuktep posed an inquiry on the way trading both NFTs and ETH for a single token would be declared on tax forms.

The introduction of the marketplace protocol was reportedly carried out after OpenSea’s revelation in April regarding its acquisition of NFT marketplace aggregator Gem, to support the primary targer of streamlining the experience of seasoned users. 

per the platform at the time, Gem would function as a stand-alone product, with OpenSea planning having plans down its pipeline to complete the integration of different Gem functionalities, including a collection floor price sweeping tool and rarity-based rankings.