OpenSea Unveils Seaport 1.6 with Seaport Hooks to Enhance Utility and Liquidity of NFTs
In Brief
OpenSea introduced Seaport 1.6 protocol with Seaport hooks to enable developers create applications that enhance the utility and liquidity of NFTs.
Non-fungible token (NFT) marketplace OpenSea introduced Seaport 1.6, an NFT marketplace protocol operating within the Ethereum Virtual Machine (EVM) ecosystem. Seaport 1.6 provides a new feature named Seaport hooks that enables developers to create applications that enhance the utility and liquidity of NFTs. Opensea plans to launch the first Seaport hooks application in April.
By allowing developers to deploy arbitrary contracts that can be statefully invoked by Seaport upon the completion of a Seaport order, Seaport hooks facilitate the integration of any custom code into the process of any Seaport sale.
Seaport hooks will empower developers to design automated bonding curves for NFTs and enable lending protocols to directly participate in buying and selling within Seaport markets. Meanwhile, sales will dynamically transmit information to an NFT during the transaction process, enabling NFTs to react to specific conditions, such as adjusting metadata based on sale volume. Furthermore, the feasibility of implementing price oracles, essential for many decentralized finance (DeFi) protocols, will be notably enhanced for NFTs, facilitating the integration of time-weighted average price (TWAP) oracles.
Designed for settling peer-to-peer sales of on-chain items, the Seaport 1.6 protocol has already been launched and deployed. OpenSea will initiate the process of transitioning its users to submit orders via Seaport 1.6 starting March 25th. The OpenSea application programming interface (API) will cease to accept Seaport 1.5 orders effective Monday, April 1st.
OpenSea 2.0: Elevating User Experience with Exciting Platform Upgrades
OpenSea operates as a blockchain-based aggregator marketplace for the purchase, sale, and exchange of NFTs, functioning as a non-custodial platform that grants users complete control and accessibility to their cryptocurrency wallets. The company rose to prominence as the top NFT marketplace during the previous bull market cycle. In January 2022, after a successful fundraising round raising $300 million, the platform achieved a remarkable valuation of $13 billion.
Recently, OpenSea unveiled plans to develop a platform upgrade called OpenSea 2.0. In a post on the social media platform X, Devin Finzer, the CEO of OpenSea, outlined the primary goal of the new platform as enhancing user experience and providing better differentiation between NFT categories, particularly as additional use cases for these tokens emerge.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.About The Author
Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
More articles
Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
