The top-ranking marketplace for non-fungible assets, OpenSea has finally rolled out its Sweep Feature. Sweeping in web3 refers to purchasing a determined number of NFTs up to a certain price point. Of course, previously, traders could also buy several tokens at once. But the new OpenSea Sweep Feature allows purchasing NFTs at larger volumes, without exerting a strong influence on the collections’ price.
The update comes into the spotlight at the right time, namely at the very start of the potential bull run. It would possibly give the green light to multiple projects that were frozen during a long period of stagnation, allowing mass trading with better conditions for collectors. Now, let’s have a closer look at the Sweep Feature and determine its core benefits for the whole NFT realm.
Well, OpenSea’s new Sweep Feature makes it possible for traders to buy NFTs in bulk instead of executing deals in numerous sessions buying one token after another. Moreover, it guarantees a faster transaction speed as well as more stable pricing, especially for those who are engaged in flipping NFTs. Before making use of the new feature, one should note that all further transactions will be executed in the currency of the first NFT in the sweep. Thus, before buying a certain set of tokens, a collector needs to top up their wallet with the cryptocurrency of the first NFT in the sweep. Other pros are that all access funds will not burn, but will return to the trader’s wallet as ‘not spent.’
But that’s not all, as one of the greatest benefits of the feature is sweeping the floor of NFTs with specific traits. It becomes possible thanks to an extended sorting and filter system, which allows users to specify a certain set of features before sweeping those NFTs. However, there is still one ‘but’ — only the currently active window of traits can be swept.
Another sorting benefit allows traders to set specific price limits to sweep NFTs of a certain range. To activate the filter, users must refer to a ‘Substitute items’ box and then specify the ‘Max price per item.’ This will exclude the possibility of extra costs, allowing the sweeper to calculate the final price more accurately.
For now, the Sweep Feature has still some limitations so far. Those are:
- No cross-chain sweeps are allowed
- No sweeps for collections powered by multiple smart contracts
- Solana NFTs cannot be swept either
While the OpenSea Sweep Feature is still somewhat raw, it will likely be updated and adjusted to the needs of bulk NFT collectors in the near future. Nevertheless, its appearance alone is a good sign, foreseeing the advent of the bull trend. Additionally, regulated buying NFT collections in bulk will definitely have a good impact on their floor prices, which, in its turn, provokes the growth of the whole ecosystem.