OpenSea launches open-source marketplace protocol "Seaport," supporting ERC20 and NFT as payment options.

The leading NFT trading platform OpenSea has launched an open market protocol called "Seaport," allowing users to trade NFTs using assets based on token standards such as ERC20, ERC721, ERC1155, and more.

Seaport

According to an announcement by OpenSea, while most NFT markets currently operate on a token quoted by the buyer model, Seaport offers a different pricing mechanism allowing for assets such as ETH / ERC20 / ERC721 / ERC1155, enabling a barter-style trading method in the market.

OpenSea does not operate or control the open-source Seaport protocol, but with the protocol gaining adoption and developers integrating it into various applications, OpenSea emphasizes their responsibility to ensure mutual security concerns and encourages interested developers to assist in optimizing and reviewing potential security issues.

Although OpenSea has built the Seaport v1 protocol, they stress that Seaport is not limited to their platform but is applicable to all NFT developers, project issuers, and collectors, with future development work to be done in collaboration with the community openly.

Introducing Seaport, a brand new web3 marketplace protocol for safely and efficiently buying and selling NFTs.

With an emphasis on flexibility and optimizations, Seaport has been built to support new and evolving use-cases for where NFTs are heading.https://t.co/3lUQIQm0km

— OpenSea (@opensea) May 20, 2022

The Block's Director of Research, Steven Zheng, stated:

If you have a Doodle worth 40 ETH and want to buy a Bored Ape worth 100 ETH, you can quote the Doodle and 60 ETH.

At the end of April, OpenSea listed the APE token as a payment option, and currently, by going to "Explore" on the homepage and selecting "All NFTs," other mainstream ERC20 tokens can be found in the left sidebar under "On Sale In," including:

• UNI
• DAI
• BAT
• LINK
• USDC
• SAND
• MANA
• GALA