Recently OpenSea added trading functionality to their platform so we wanted to highlight the differences so you can choose where to direct your community to trade.
Functionality
| Platform |
Peer-to-peer |
NFT + wETH |
Multiple NFTs + wETH |
Project Specific (all collections) |
All Projects (i.e BAYC for a Moonbird) |
| Snag |
✅ |
✅ |
✅ |
✅ |
❌ |
| OpenSea |
✅ |
✅ |
✅ |
❌ |
✅ |
- P2P trades on the Snag platform are also available as posts / offers via the community feed, pulling in the current WTT / WTS use case from Discord directly into your marketplace.
- OpenSea doesn’t support the widely-used Discord trading use case on their platform.
Security
Snag
- Peer-to-peer trading on your native marketplace is restricted to tokens that exist within the collections hosted in the experience (i.e only your collections).
- This means no one can scam your users into trading with a fake collection.
- The trading feature is only accessible to token holders, leaving any bad actors on the sidelines.
OpenSea
- Peer-to-peer trading on OpenSea is allowed between all collections, meaning a user can request a trade for your NFT with a fake collection that has not been flagged by the OS team yet.
- This leaves your community vulnerable to losing their valuable NFTs
If you’re interested in announcing the native P2P trading feature to your community here is a template you can use, or feel free to reach out for any additional information.
As always, if you need any support with the trading feature, or would like to learn more feel free to reach us in our twitter DMs or [email protected]
Thanks,
Snag Fam