NFT Marketplace OpenSea Reveals Migration to Seaport Protocol

  • According to OpenSea, consumers using Seaport would save 35% on gas fees.
  • The seaport is neither owned nor operated by OpenSea but instead built on top of it.

Tuesday saw the announcement of OpenSea’s migration to Seaport, the most popular non-fungible token (NFT) marketplace by trading volume. A few of the benefits listed by the protocol include cheaper gas costs, the possibility to make offers on complete collections, the elimination of new account initiation fees, and more user-friendly signature alternatives for signing documents.

Multiple Advantages Over Migration For Users

According to OpenSea, consumers using Seaport would save 35% on gas fees. Savings of around $460 million (138.000 ETH) are expected if projections from 2021 are correct. An additional $120 million in savings might be realized each year by eliminating the setup cost.

Users reported losses due to missed transactions last year when the Ethereum network got intermittently clogged due to celebrity NFT drops on OpenSea. However, gas prices on the network have since stabilized. According to YCharts, the average price of Ether gas has dropped to $95.86, compared to a rise in 2021 of hundreds of dollars.

Also highlighted by the company was the possibility of buying several NFTs in one transaction, the availability of real-time creator fees to numerous receivers, and the capacity to define costs per item on the blockchain. While its creators worked in Assembly to increase transaction performance, Seaport listings maintain their core structure.

The seaport is neither owned nor operated by OpenSea but instead built on top of it. Additionally, the company indicated that it is still “hiring across the board” in its last remarks. This starkly contrasts previous waves of layoffs reported by many cryptocurrency companies, including BlockFi and Coinbase.

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