On Tuesday, OpenSea, the most popular market for non-fungible tokens, or NFTs, by volume, announced that it was moving to Seaport. Among its many perks, the protocol says it will have lower gas fees, the ability to bid on entire packages, removal of new account configuration fees and more user-friendly signing options.
As OpenSea told him, users will pay 35% less gas fees when transacting at Seaport. Based on data from 2021, the total savings will reach $460 million (138,000 ETH). In addition, eliminating setup fees would potentially save $120 million (35,000 ETH) annually in additional savings.
In the previous year, the Ethereum network periodically became crowded due to the drop in the famous NFT of OpenSea, as users reported losses due to failed transactions. However, gas prices have stabilized on the grid recently. The average price of gas ether tracked by YCharts has fallen to $95.86 compared to a rise of hundreds of dollars in 2021.
OpenSea has also teased out features such as the ability to purchase multiple NFTs in a single transaction, making real-time creation fees available for multiple recipients, and setting fees on-chain on a per-item basis. The seaport listings have the same basic structure as their predecessors while their developers have worked on aggregation to improve transaction efficiency.
OpenSea said it does not control the Seaport protocol, does not run it, and only builds on top of it. The company also stated that it was still “hiring across the board” in closing comments. This contrasts with the sharp rounds of layoffs announced by several crypto companies, including the most recent ones, BlockFi and Coinbase.