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The NFT platform said the wallet will be powered by Privy’s technology and fully integrated into its ecosystem for easy interactions.
OpenSea, a prominent non-fungible token (NFT) marketplace within the Ethereum ecosystem, has unveiled a new functionality enabling users to create their Web3 wallets by simply using their email addresses.
Through this feature, users gain the ability to buy, sell, add, send, and receive NFTs and other digital assets by signing up directly on OpenSea with just their email addresses to create a self-custodial wallet to interact with the platform.
The move aims to streamline the onboarding process for newcomers seeking to explore the Web3 space without setting up external wallets such as MetaMask and Trust Wallet.
OpenSea Partners Privy for New Wallet Extension
According to an announcement on January 9, 2024, the wallet is designed to perform all fundamental on-chain activities just like MetaMask and Trust Wallet. Users can manage funds and monitor transactions on the blockchain seamlessly without relying on external wallet extensions.
OpenSea said it partnered with Privy, a New York-based company that provides developers the infrastructures and tools needed to change how users connect to their favorite products for its new wallet venture.
The NFT platform said the wallet will be powered by Privy’s technology and fully integrated into its ecosystem for easy interactions.
Privy described the move in a separate blog post as a significant step in opening up Web3 to mainstream adoption and making OpenSea more accessible to everyone.
“Today, we are thrilled to announce Privy will be working with OpenSea to support onboarding for the OpenSea marketplace! As the world’s largest NFT marketplace, OpenSea’s initiative to onboard new users into the wallet experience is a major step in opening up web3 to mainstream audiences,” the company said.
Wallet Support for Solana and Other Blockchains
OpenSea’s new wallet is not limited to Ethereum. The NFT marketplace said the wallet feature is compatible with all the nine protocols supported by the platform. These networks include Solana, Polygon, Klaytn, Arbitrum, Optimism, Avalanche, BNB Smart Chain, Zora, and Coinbase’s Base.
Additionally, the wallet supports credit and debit card purchases, allowing users to directly acquire NFTs, digital collectibles, and cryptocurrencies through OpenSea.
“Now, it’s easier than ever to collect or create NFTs using OpenSea – you can create a wallet with just an email address and buy, sell, and transfer them easily with support for credit and debit card purchases,” said OpenSea.
Looking ahead, OpenSea plans to enhance its self-custodial wallet by adding features like streamlined checkout flows and expanded wallet functionality. These developments aim to further improve the onboarding experience for newcomers in the Web3 space.
Meanwhile, OpenSea, in its continuous efforts to fortify its standing in the crypto industry, rolled out a new feature dubbed Deals last year in June. This feature, powered by an external protocol called Seaport, empowers NFT traders to exchange their collections directly within the platform.
However, to leverage the peer-to-peer (P2P) functionality of Deals, users need to have a wallet address, an ENS name, or an OpenSea username.