OpenSea announces switch to Seaport protocol

OpenSea announces switch to Seaport protocol

OpenSea, one of the most popular marketplaces in terms of unique token (NFT) trading volumes, has moved to Seaport. announced. The protocol says it will offer lower Gas fees, the option to bid for all collections, the removal of new account startup fees, and more user-friendly signing options, among many other benefits.

As explained by OpenSea, users will pay 35 percent less Gas fees when transacting at Seaport. Based on 2021 data, an estimated $460 million (around 138,000 ETH) will be saved in total. Also, removing the setup fee will potentially save an additional $120 million (around 35,000 ETH) per year.

In the previous year, the Ethereum network was periodically congested due to the famous NFT airdrop events on OpenSea, and users suffered losses due to unsuccessful transactions. Gas prices have stabilized recently, however. Average Ether Gas prices tracked by YCharts are $95.86 compared to hundreds of dollars increase in 2021 fell.

OpenSea also heralded features such as purchasing multiple NFTs in one transaction, offering real-time creator fees to multiple buyers, and defining item-by-chain fees. While Seaport announced features with the same core structure as their predecessors, the developers worked with Assembly to optimize compute efficiency.

OpenSea said it doesn’t control or run the Seaport protocol, and it only builds on it. The firm also stated that “recruitments” are ongoing. OpenSea is hiring new staff, while multiple cryptocurrency firms, including BlockFi and Coinbase, are laying off.

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