NFT Marketplace OpenSea decides to move to Seaport to leverage low transaction costs

  • OpenSea said that migrating to the Seaport protocol will help users save an estimated 35 percent on gas fees.
  • OpenSea plans to introduce exciting new features in the future such as bulk listing and much more.

OpenSea is one of the leading NFT marketplaces for non-fungible tokens (NFTs) hosting some of the biggest projects like Bored Ape Yacht Club (BAYC) and others. On Tuesday, June 14, OpenSea announced that it’s moving its base to the Seaport protocol from the Wyvern protocol.

Some of the key reasons for this migration have been lower-gas fees, user-friendly signature options, ease of making more offers on entire collections, and removal of new account initialization fees. As per the OpenSea blog post, users would be paying 35 percent fewer gas fees by transacting on Seaport. Explaining the overall savings, OpenSea noted:

You’ll save an estimated 35% in gas fees for transactions using Seaport. Based on last year’s data, that would amount to more than $460m in total savings (138k in ETH)!* Plus, new users won’t have to pay a one-time setup fee (proxy deployment) to use OpenSea. By removing the setup fee alone, the OpenSea community could save almost $120m each year (35k in ETH).

However, NFT sellers on OpenSea will have to pay a one-time fee per collection for using the SeaPort protocol.

OpenSea said that the decentralized and open-source nature of the Seaport protocol will be quite beneficial to them. It will help them build and release new features very quickly. Last month, OpenSea has already declared that it would be eventually building atop the Seaport protocol. Also, the Seaport open source protocol shall be available to all builders, creators, and NFT collectors.

Exploring more benefits of Seaport migration

Amid the celebrity NFT drops at OpenSea, the Ethereum blockchain network became costly and congested to stick around with. With the Deaport Migration, OpenSea shall be exploring additional benefits and features it can bring.

In the blog post, OpenSea noted: “Seaport is designed to be more gas efficient and flexible compared to other web3 marketplaces. The protocol developers worked in Assembly to optimize transaction efficiency”.

OpenSea announced that users can now make Collection Offers i.e. offers on all items in a collection. Besides, they can also make Trait Offers i.e. offers on a group of items with specific attributes. OpenSea said that it is also working to bring a feature that allows creators to opt into collection offers with attributes.

OpenSea said that with this successful migration, it will soon introduce bulk listings. This will give users the ability to purchase many NFTs in a single transaction. Additionally, OpenSea noted: “Real-time creator fees will be available for multiple recipients. Creators will also be able to define their fees on-chain on a per-item basis with multiple payout addresses”.

Related: OpenSea ex-employee becomes first to be charged with NFT insider trading

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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