The Past, Present and Future of NFTs

TL;DR

• OpenSea has just launched a new product called ‘Deals.’

• Now, you can find someone else who has an NFT (or multiple NFTs) with a similar value to yours – and ask to do a ‘Deal.’

• The user accepting the Deal will pay gas; and once the gas fee is paid, badda-bing-badda-boom, the NFTs will land in the new users’ wallets.

Full Story

Let’s take a moment to think back to early Web3 history…all the way back to 2017.

The rise in popularity of NFTs

Technically NFTs have existed since 2013, but the rise of the CryptoKitties game in 2017 really put them on the map.

Then came profile pic (PFP) NFTs.

Leading to the rise in all sorts of projects like Bored Ape Yacht Club, Azuki, Doodles etc.

Why the history lesson in NFTs?

Well, if you’ve owned your PFP NFT for a few years and you’re kind of sick of that same Discord image you’ve had forever, you may be in luck.

OpenSea has just launched a new product called ‘Deals.’

Now, you can find someone else who has an NFT (or multiple NFTs) with a similar value to yours – and ask to do a ‘Deal.’

If one of the NFTs is worth more than the other, then the user on the cheap end of the deal can ask to include some Ethereum to make it fair.

The user accepting the Deal will pay gas; and once the gas fee is paid, badda-bing-badda-boom, the NFTs will land in the new users’ wallets.

This is a cool feature, and a pretty unique concept from OpenSea.

While NFTs in general have taken a hit in value over the past 6-12 months, it will be interesting to see if a product like this can spark the next phase for NFTs.

Probably not. But it’s a cool concept!