OpenSea announces migration to Seaport protocol

189
SHARES
1.5k
VIEWS


On Tuesday, OpenSea, the most popular non-fungible token, or NFT, market by trading volume, announced that it was migrating to Seaport. Among the many perks, Protocol says it will include lower gas fees, the ability to make offers on the entire collection, the removal of new account initialization fees, and more user-friendly signing options.

As reported by OpenSea, users will pay 35% less for gas fees when transacting at Seaport. Based on 2021 figures, this would amount to an estimated $460 million (138,000 ETH) in total savings. Furthermore, removing the setup fee could potentially result in up to $120 million (35,000 ETH) per year in additional savings.

READ ALSO

A year ago, the Ethereum network was periodically congested due to Celebrity NFT drops on OpenC, with users reporting losses due to failed transactions. However, gas prices on the network have stabilized recently. The average Ether gas price tracked by YCharts has dropped to $95.86 compared to a spike of hundreds of dollars in 2021.

OpenSea also teased features such as the ability to purchase multiple NFTs in a single transaction, making real-time creator fees available to multiple recipients, and defining on-chain fees on a per-item basis. The Seaport listing has the same basic structure as the previous one, while its developers worked in assembly to optimize transaction efficiency. OpenC does not control or operate the seaport protocol and only builds on top of it. Interestingly, the firm says it is still “hiring across the board” in final comments. This is in contrast to the rapid round of layoffs recently announced by several cryptocurrency firms, including BlockFi and Coinbase.

OpenSea said it does not control or operate the Seaport protocol and only builds on top of it. The firm also said that it is still “hiring across the board” in concluding comments. This is in contrast to the rapid round of layoffs recently announced by several cryptocurrency firms, including BlockFi and Coinbase.