The most popular NFT marketplace OpenSea has announced that Seaport’s protocol will be migrated.
Big savings become possible
In fact, the protocol offers some major benefits to the NFT marketplace, including lower gas rates, the ability to make offers for entire collections, the removal of new account initialization fees, and more user-friendly signing options for users.
The gas costs would even be reduced by 35%. With the current transaction volume, this would amount to a saving of approximately €439 million, or 138,000 Ethereum (ETH). By also removing the start-up costs, it saves almost €115 million, or 35,000 ETH per year.
Reduction of gas costs and new features
The Ethereum network was previously regularly overloaded by various large-scale NFT drops from celebrities. As a result, users reported several losses due to failed trades. Recently, gas costs on the network have stabilized. While these costs peaked at a few hundred dollars in 2021, this is currently about $95 on average. Although this is still high, the decrease is significant.
OpenSea has also teased some new features, such as the ability to buy multiple NFTs in a single transaction, make real-time creator fees available, and define fees on-chain per item.
Finally, OpenSea has mentioned that the Seaport protocol does not monitor or exploit and only builds on top of it. The company also stated that it is still adopting “across the board” in its closing comments. This contrasts with steep layoffs announced by multiple crypto firms, including recently BlockFi and Coinbase.