OpenSea migrates to Seaport
According to the official announcement, OpenSea is expected to save around 35% on gas fees for transactions using the “game-changing” seaport.
Today we are officially switching to the Seaport protocol!
We estimate the new contract will save $460M+ in total fees each year. But that’s not all 👀 Let’s review the updates… https://t.co/89B1FJARnl
—OpenSea (@opensea) June 14, 2022
Data from OpenSea reveals that last year’s gas charges cost its users $1.3 billion, and with the new launch, savings through Seaport would amount to more than $460 million. Additionally, new users on the platforms would not be required to pay a one-time setup fee (known as proxy deployment). By waiving the account initialization fee alone, the OpenSea community could save over $120 million each year.
The platform said that with the new launch, users might also notice the rapid creation of new features that were previously impossible. Starting Tuesday, users can bid for collection, which means they can bid on the entire NFT collection. They can also bid on features, which allows them to bid on multiple items with specific attributes.
The announcement also informs users that signatures to confirm stocks using their wallets will be much easier to read and understand.
OpenSea’s new market protocol
Seaport, introduced May 20 by OpenSea, is open source, decentralized in nature, with no contract owners, and a modern foundation that helps build and release new features faster. This protocol is not only for the NFT market, but also for all NFT creators, developers and collectors.
With Seaport, you don’t need to have cryptocurrencies to buy an NFT. Users can use their existing NFTs to purchase other NFTs.