OpenSea Announces Migration to Seaport Protocol

OpenSea Announces Migration to Seaport Protocol – OpenSea, the most popular nonfungible tokens (NFTs) marketplace in terms of trade volume, announced its migration to Seaport on Tuesday.

The protocol promises lower gas fees, the opportunity to make offers on full collections, the elimination of new account initiation fees, and more user-friendly signature options, among other benefits.

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Users would pay 35 percent less for gas fees when dealing on Seaport, according to OpenSea. According to data from 2021, total savings would be over $460 million (138,000 ETH). Furthermore, eliminating the setup fee might save $120 million (35,000 ETH) per year in additional savings.

Also Read: South Korean Crypto Exchanges to Create Body to Preempt Another Terra LUNA Type of Collapse

Owing to notable NFT drops on OpenSea the year before, the Ethereum network became intermittently congested, with users reporting losses due to missed transactions.

Gas prices on the network, on the other hand, have recently stabilized. YCharts’ average Ether gas price has dropped to $95.86, compared to spikes of hundreds of dollars in 2021.

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OpenSea has teased features 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 developers worked in Assembly to optimize transaction performance, Seaport listings have the same core structure as earlier ones. 

Also Read: Five South Korean Crypto Exchanges Respond to Litecoin MWEB Upgrade by Delisting the Coin

The Seaport protocol is neither controlled or operated by OpenSea; rather, it is built on top of it. In closing statements, the firm mentions that it is still “hiring across the board.” This is in stark contrast to the mass layoffs announced by a number of cryptocurrency firms, Including most recently BlockFi and Coinbase.

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