OpenSea migrates to the new Seaport protocol to reduce transaction fees

OpenSea launches Seaport

The non-fungible token (NFT) market OpenSea made an update to merge the new Seaport protocol. One of the important advances in this protocol includes a rationalization of platform tools, in order to reduce transaction costs:

Based on figures from May 2021 to May 2022, OpenSea believes the way Seaport operates will save. 35% fee on average, compared to the Wyvern Protocol, in use to date. It represents the equivalent of more $ 460 million per year.

The illustration below justifies this comparison by emphasizing the amount of gas used in each protocol for different types of transactions:

Figure 1: Gas used at Wyrven and Seaport

In short, the amount of gas used in a smart contract will depend on the functions it uses. This is where the new protocol comes into play profit optimization compare with its predecessor.

In addition to transaction fees, Seaport now allows you to make collectible offers. This is of interest in the context in which a specific characteristic of a collection of NFTs may interest us:

The collector's offer

Figure 2: OpenSea collection offerings

Example number 2 shows how this new functionality allows to set up an offer, in all lands in the Otherside metaverse with an artifact. So, no it is no longer necessary to make offers on a case-by-case basis. On the other hand, the floor prices of each property are also displayed during this process.

👉 To proceed – Check out our tutorial on the OpenSea platform

A completely open source protocol

Another point to emphasize is that OpenSea builds the Seaport protocol in this way be completely open source. The market also invites developers from all walks of life to analyze the GitHub code, with the intention of fixing it or reporting any errors.

OpenSea also announced that OpenZeppelin has reviewed the security of the protocol and that Trail of Bits is conducting an audit. No major defects found during these examinations.

In addition, the platform announces the upcoming arrival of a feature that allows you to list multiple NFTs. in a transaction. It also adds, the possibility for users to know multiple payment addresses.

As such, the NFT market leader continues to thrive despite the context and despite 35 job offers on its siteto write it.

👉 Also in the News – NFT Trading Volume Exploded as the Market Crashed

Source: Press Release, OpenSea

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About the Author: Vincent Mayor

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I was embarrassed to discover the world of the blockchain at the end of 2018 during my search for financial freedom. Initially invested in moderation, it was only two years ago that I gambled betting on everything in the movement that had formed before. I dedicate 2021 to training myself better to gain more knowledge and seriousness. As I’ve always wanted to say: I still have a billion things to learn. And what I know, I want to share with you.
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