Did Opensea dig its own grave?

The biggest NFT platform released an elegant and efficient open-source code for building next-gen marketplaces a few days ago. From now, everyone can fork the code on GitHub, build on top and deploy a brand new marketplace with its features.

AND?OWN?FEES! Every collection can now easily create its marketplace with 0% to enhance its User eXperience by avoiding the 2.5% Opensea policy fees. They built a tool to disrupt themselves.

Open-source code allows new competitors, a fairer market, and exponential crypto innovation - everything a company as?rich?and?powerful?as Opensea should prevent. And one of the significant criticisms of Opensea was that it was just a centralized web2 company acting as a web3 company. That’s why this movie seems to be?sentiment-driven?more than?business-driven. And it worked: everyone on Twitter was thrilled about this shifting paradigm: the company went from a?trader tool to buy/sell NFTs?to?a builder tool to lead innovation?in the industry in loss of speed.

Let’s repeat it: it’s astonishing. They just created the perfect template for future NFT marketplaces.

Let’s dive into the numerous exciting features they implement in their first version.

Seaport enables:

List NFT offer for any combination of ERC-20, ERC-1155, or ERC-721. And vice versa.

• It will allow?bartering: NFTs for NFTs without using other tokens.
• You’ll be able to make a sale like this: ? I want to sell my CloneX for 1 World of Women + 10 ETH ?. If it matches the offer made by another collector, the trade automatically happens between them.
• All those possibilities make people on Twitter say we could see a Uniswap phenomenon where ERC20->ERC20 trades were made possible. It would enter this market in a?new liquidity?and?capital efficiency?era.

Bid on specific traits / entire collections.

• You’ll be able to trade like ? I will sell my Moonbird for a CloneX with an ? all-seeing eyes ? back feature and a ? purp-head scarf ? hair trait.
• These features pave the way for enabling more liquidity for NFTs trade. This could be a game-changer for the market: Deep liquidity is the gateway to any NFTs lending protocol.

Custom pricing curves (dutch auction, reverse)

• Creators and collectors wanted more functionality and more control over configuring a sale; they would be able to set up different kinds of auctions, like?dutch?auctions?and?reverse?dutch?auctions.

Fully open-source composability.

• We think we will see many new marketplaces, just as we saw many new DEXs on all sorts of chains after Uniswap V2.

And look how the Total Value Locked in DeFi protocol has skyrocketed after Uniswap launch in June 2020.

It was massive for the ecosystem.

Let’s be clear, this open-source smart contract -?seaport?- which allows customized NFT marketplaces, will be very consequential to the NFT ecosystem!