Opensea has moved to Seaport Protocol which promises to reduce gas fees on the platform by around 35% a year.
The largest NFT marketplace, Opensea, has moved to Seaport protocol from Wyvern amidst intense competition among NFT marketplaces. So, what does this mean for Opensea’s users?
The Migration to Seaport Protocol
Previously operating on the Wyvern protocol, Seaport has experienced exorbitant gas fees and platform fees that led users to seek other platforms. Competitors such as X2Y2 and LooksRare promise lower platform fees in a bid to capture market share.
Now, the marketplace leader’s move to Seaport would save us 35% in gas fees per year. A one-time setup fee would also be waived for new accounts. Well, say goodbye to ridiculously high gas fees and hello to more trading. Things are changing in OpenSea.
Today, we're officially moving to the Seaport protocol!
We estimate the new contract will save $460m + in total fees each year. But, that’s not all 👀 Let’s go through the updates… https://t.co/89B1FJARnl
— OpenSea (@opensea) June 14, 2022
Moreover, in the image below, you can see how fees will start working in Opensea for different types of transactions on the platform.
With the move to Seaport, in OpenSea you can now make a collection offer or trait offer based on a specific attribute. However, trait offers would only be available for the top 100 collections for a start according to Opensea.
Also, additional perks of this migration are the enhanced security it offers us. There will be greater signature clarity to reduce the number of scams on the platform.
In addition, other features mentioned that are in progress include:
- Bulk listing. This would place Opensea in the same light as its competitors LooksRare, and X2Y2.
- Real-time creator payouts for multiple recipients.
- Defining fees on-chain based on a per-item basis for multiple payout addresses.
Finally, given the stiff competition we are seeing from X2Y2 and LooksRare coupled with the poor macro outlook, this move comes at a timely moment. With current implementations set to provide a seamless and enhanced user experience, it would be interesting to see how successful Opensea is in capturing back market share.
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