OpenSea officially moves to Seaport Protocol, brings several improvements
The biggest NFT marketplace OpenSea has migrated to a new Web3 marketplace protocol, Seaport, aiming for greater safety and efficiency while buying and selling NFTs with a major cut on gas fees.
OpenSea migrates to Seaport
According to the official announcement, OpenSea is estimated to save around 35% in gas fees for transactions using the "game-changer" Seaport.The data from OpenSea reveals that last year's gas fees cost $1.3 billion to its users, and with the new launch, the savings via Seaport would amount to more than $460 million. Moreover, the new users on the platforms would not be required to pay a one-time setup fee (called proxy deployment). By removing the account initialization fee alone, the OpenSea community could save over $120 million each year.
The platform said that with the new launch, users could also notice the quick building of new features that were previously impossible. Starting Tuesday, the users can make Collection Offers, meaning they can make offers on the entire NFT collection. They can also make Trait Offers, which allows them to make offers on multiple items with specific attributes.
The announcement also informs users that signatures to confirm actions using their wallets will be much easier to read and understand.
OpenSea's new marketplace protocol
Seaport, introduced on May 20 by OpenSea, is an open-source, inherently decentralized with no contract owner and a modern foundation that helps build and release new features more quickly. This protocol is not only for the NFT marketplace but also for all creators, developers, and collectors of NFTs.With Seaport, one does not need to have cryptocurrencies to buy an NFT. Users can use their existing NFTs to purchase other NFTs.
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