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Tuesday, December 6, 2022

OpenSea Migrates To Seaport Protocol To Cut Transaction Costs

OpenSea, the top NFT marketplace, has announced moves to revamp its backend. It has revealed that it is exiting the Wyvern Protocol and moving to the self-developing Seaport protocol.

OpenSea has revealed that the switch to Seaport will reduce transaction expenses significantly on the new platform. Gas prices could go down by around 35% centered on the data released last year. a blog post released by the company revealed that the switch could bring total savings for users to $460M in 2023 alone.

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The marketplace posted that Seaport could turn out to be a certain game-changer. It is inherently decentralized, open-source, and has a fresh foundation that would help OpenSea and any other team using it to build plus release fresh features fast.

OpenSea Said That The Seaport Protocol Would Remain Open Sourced

The decision by the marketplace to switch to Seaport was first announced in end-May. While the first Seaport version was created by OpenSea, it had revealed that the protocol would remain open-sourced and was meant to support builders, collectors, and creators of non-fungible tokens.

Sellers who use the platform should pay a one-off fee for every collection before they can sell the non-fungible tokens on the Seaport platform through the next protocol.

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Other than lowering the cost of gas, the shift by OpenSea will help them eliminate any initiation fees. It will also allow users to give out offers covering the entire collection. It will also make wallet signatures easy to read and interpret.

While improving the clarity of its signature is a security move and will help quell the increase of phishing scams, stopping the theft of millions of dollars in NFTs that has happened over the last year.

OpenSea has revealed that it is not in control of Seaport and neither does it operate the protocol. It merely builds on it. OpenSea also revealed features that include the ability to buy NFTs in bulk through a single transaction, defining on-chain fees on a single-item basis, and making creator fees available to many recipients at once.

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