OpenSea has announced that it will be migrating to the Seaport protocol.
OpenSea, the most popular nonfungible tokens (NFTs) platform by trade volume, announced its migration to Seaport on Tuesday. Lower gas fees, the opportunity to make offers on full collections, the elimination of new account initiation fees, and more user-friendly signature alternatives are just a few of the benefits listed in the protocol.
Web3 security firms OpenZeppelin and Trail of Bits have audited Seaport, an open-source and decentralized protocol. It isn’t unique to OpenSea and was designed to allow users to include many products per on-chain transaction.
When users transact on Seaport, they are supposed to spend 35% less on gas fees. According to 2021 data, the total savings would be over $460 million (138,000 ETH). Furthermore, eliminating the setup cost might result in annual savings of $120 million (35,000 ETH).
Owing to notable NFT dumps on OpenSea the year before, the Ethereum network became intermittently overloaded, with users reporting losses due to missed transactions. Gas prices on the network, on the other hand, have recently steadied. YCharts’ average Ether gas price has dropped to $95.86, compared to spikes of hundreds of dollars in 2021.
OpenSea has previewed capabilities including the option to buy several NFTs in one transaction, making real-time creator fees available to many recipients, and establishing costs per-item on-chain. While its creators worked in Assembly to maximize transaction performance, Seaport listings have the same core format as earlier ones.
According to OpenSea, it does not own or operate the Seaport protocol, but rather builds on top of it. In closing remarks, the company indicated that it is still “hiring across the board.” This is in stark contrast to the mass layoffs announced by a number of cryptocurrency companies, most recently BlockFi and Coinbase.
NFT collection owners will be able to add several payout addresses for sales and royalties in the future, according to OpenSea.
