OpenSea announces transition to Seaport protocol

On Tuesday, OpenSea, the largest NFT marketplace by trading volume, announced that it would be migrating to Seaport. Among other things, the protocol offers lower gas fees, the ability to bid on entire collections, no-fee new account setup, and easier-to-use signing options.

According to OpenSea, users will pay 35 percent less in gas fees when transacting through Seaport. According to 2021 data, this would save an estimated total of $460 million (138,000 ETH). Additionally, getting rid of the setup fee could save an additional $120 million (35,000 ETH) per year.

The year before, the Ethereum network was regularly congested due to high-profile NFT drops on OpenSea and users reported losses due to failed transactions. However, gas prices in the network have recently stabilized. Ether's average gas prices have fallen to $95.86 , according to YCharts. In 2021, these were still in the hundreds of dollars.

OpenSea also announced additional features such as the ability to buy many NFTs in a single transaction, make creator fees available in real-time to multiple recipients, and set on-chain fees per item. The Seaport listings have the same basic structure as the previous ones. The developers have worked in Assembly to optimize the efficiency of transactions.

OpenSea stated that the marketplace does not control or operate the Seaport protocol and is merely building upon it. Finally, the company also said it is continuing to hire people. The platform is swimming against the tide as several major cryptocurrency companies, such as BlockFi and Coinbase, have announced layoffs.

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