thecoinrepublic.com
The NFT marketplace claims that OpenSea’s 1.8 million customers will be able to reduce their Ethereum gas costs thanks to the “Seaport Protocol,” a new smart contract.
Users will be able to save about 35% on gas thanks to the Seaport deal, the business claimed. Additionally, OpenSea will no longer charge the one-time “setup fee” for new accounts.
NFTs are tokens built on the blockchain that represent ownership of tangible or digital assets. Gas prices can easily increase during times of high demand since they are essentially transaction costs.
Before switching to Seaport, OpenSea relied on the less effective Wyvern protocol, which was also utilised by hackers in February in an off-platform phishing scheme to defraud traders of $1.7 million.
The Web3 security companies OpenZeppelin and Trail of Bits have examined the open-source, decentralised Seaport protocol. It is not exclusive to OpenSea and has been designed to let users incorporate many products in a single on-chain transaction.
When the marketplace originally revealed the procedure on May 20, it declared, “It’s for all NFT builders.”
OpenSea is developing a technology that will enable NFT holders to sell numerous NFTs for sale at once and only pay one gas fee for the batch of listings now that it is on Seaport (competing marketplace LookRare launched a bulk listings feature two months ago).
Additionally, according to OpenSea, NFT collection owners will soon be able to specify several payout addresses for sales and royalties as well.
It’s important to keep in mind that after June 21 bids and listings cannot be posted to the Wyvern protocol as OpenSea relocates to Seaport. Listings created on the Wyvern contract will no longer be accessible on the website as of July 13 since OpenSea will stop getting data from the Wyvern contract.
A month after Kraken’s planned NFT marketplace declared that there will be no gas fees for on-platform trading, OpenSea switched to a more gas-efficient protocol.