The OpenSea Sweep Feature is now available for users of the massively popular NFT trading site. Sweeping will allow traders to buy a set number of NFTs up to a certain price point. This will mean that users can purchase at greater volumes than previously possible, potentially igniting some serious price wars! This is great news for the Web3 ecosystem at a time when the bear market has many projects stalled or hesitant to drop new features. With OpenSea doing the opposite, is this NFT marketplace preparing us for mass trading during a bull run?
What is the OpenSea Sweep Feature?
The sweep feature allows users to buy NFTs in bulk, rather than trying to continuously buy one after the next. This means a faster speed of execution on trades and more exact price points for those interested in doing things like flipping NFTs. Furthermore, it should be noted that the sweep feature executes in the currency of the first NFT in the sweep. Therefore, users should have the currency of the very first NFT they intend to buy in the sweep. Additionally, any excess funds will be returned as “not spent.”
How Can Users Sort and Filter on OpenSea?
The OpenSea Sweep Feature is an important development for NFT collectors who want to do things like clear the floor of certain traits. That’s because the feature can utilize sorting and filters. This means that users can select specific traits which will populate a window. Users can then sweep those NFTs. Do note, the feature will sweep the currently active window.
What is the Price Range Feature?
OpenSea has also developed the ability to set a price range for those traders who want to Sweep NFTs within limits. To do this, users must check the “Substitute items” box and then detail the “Max price per item.” An item will not be purchased if it’s outside of these bounds. Additionally, any NFTs that are purchased while setting up the sweep will cause the transaction to move to the next item within your price range.
What Can’t You Sweep on OpenSea?
There are some limitations on the ability to sweep. The first is that you can only sweep NFTs on the same chain. That means no cross-platform sweeps. Moreover, collections with multiple smart contracts will not be eligible to sweep. Finally, Solana NFTs are not available for sweeping. At least, for now.
What Does This Mean for the Web3 Ecosystem?
The OpenSea Sweep Feature is good news for Web3 for two reasons. First, it shows that projects are still developing new features that enable users to buy into the ecosystem. That’s a sign of strength in the bear market. Finally, sweeping will allow new kinds of trades to take place at an increased volume. This is undoubtedly good for the floor price of many projects and the growth of the entire industry.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.