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The leading NFT marketplace has announced that it is moving to the Seaport blockchain, a new web3 marketplace protocol designed for safely and efficiently trading NFTs.
OpenSea Shifts From Wyvern To Seaport
The news was announced via a blog posted earlier on June 14, Wednesday, which revealed that the migration was happening on the same day. The Seaport platform is open-source, decentralized, and allows users to buy and sell NFTs efficiently. However, the main selling point behind the migration was the option of reducing transaction fees. Besides reducing gas costs, new users on OpenSea will not need to pay an account initialization fee. The platform will also open up the door to more user-friendly features. For example, easy-to-read signatures for using wallets.
Low Gas Fees, No Setup Fee
OpenSea believes that users can save an estimated 35% in gas fees for transactions on Seaport. 35% savings calculated as per the transaction volumes of last year could result in around $460 million of total savings. Eliminating the setup fee also would save new users a total of $120 million yearly.
Protocol developers achieved this level of gas efficiency after building and testing the platform in Assembly, a permissionless protocol that allows developers to build, connect and deploy smart contracts on a feeless multi-chain network. Till now, the marketplace operated on the Wyvern Protocol, which used to charge approximately 203K ETH to buy an ERC 721 NFT. With the switch to Seaport, the gas fees would amount to approximately 137K ETH for the same NFT.
Other Features
Thanks to the migration, the Collection Offers feature will be another added advantage for OpenSea users. Besides making offers on an entire collection, users can also make Trait Offers. This means that they can select a particular trait or attribute and make offers on all NFTs with that specific feature. Additionally, users can also view the percentage of rarity, floor price, and the highest offers, all filtered by attribute. This will help them make smarter and more informed purchases.
The announcement also stated that NFT creators can opt into collection offers with attributes down the road. Other features in the pipeline for the marketplace include bulk listings, which will enable users to buy as many NFTs as they want in a single transaction. Creators can also define their fees on-chain on a per-item basis with multiple payout addresses.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.