OpenSea have recently made a change in their NFT marketplace which could save around $460m in fees each year. The change also allows OpenSea to rapidly add exciting features. Ad a high level, the change is simple. OpenSea have switched from the Wyvern protocol to Seaport. The great news is that Seaport is open source and fully decentralized.
OpenSea are excited to be one of the first marketplaces using Seaport. They have said: “At launch, you’ll start to notice a few major improvements on OpenSea”
Significantly lower gas costs
The ability to make offers on entire collections or on multiple items with specific attributes (traits)
New OpenSea users will no longer have to pay an account initialization fee (proxy deployment)
Signatures to confirm actions using your wallet will be much easier to read and understand. For more information on ‘typed signature requests,’ please see our help center article.
Cheaper Transactions
Users will save an estimated 35% in gas fees for transactions using Seaport. Based on last year’s data, that would amount to more than $460m in total savings (138k in ETH)!
New users won’t have to pay a one-time setup fee (proxy deployment) to use OpenSea. By removing the setup fee alone, the OpenSea community could save almost $120m each year (35k in ETH).
The Seaport protocol developers worked in Assembly to optimize transaction efficiency. This makes it more gas efficient and flexible compared to other web3 marketplaces.
To see lower gas fees when selling or transferring NFTs, you’ll need to approve collections (token addresses) — but this is a one-time cost per collection, and no existing listings will be affected by the migration.
Collection Offers (by Attribute)
Seaport also allows OpenSea to quickly build new features that were previously impossible.
Starting today, you can make Collection Offers, which are offers on all items in a collection. You can also make Trait Offers, offers on a group of items with specific attributes. To start, Trait Offers will only be available for the top one hundred collections (by 30-day volume on OpenSea).
OpenSea now shows the % rarity, the floor price, and the highest offer – all filtered by attribute, so users have better information to decide how much to offer. In the future, OpenSea plan to allow creators to opt into collection offers with attributes, but this is still under development.
Thanks to Seaport, OpenSea will be able to quickly launch new features – like bulk listings – that will give you the ability to purchase many NFTs in a single transaction. Real-time creator fees will be available for multiple recipients. Creators will also be able to define their fees on-chain on a per-item basis with multiple payout addresses.
OpenSea are always looking for new ideas to improve the OpenSea experience, so join the community on Discord or track them on Twitter and Instagram if you want to share your thoughts. And if you’re interested in building new and innovative features to empower the future of NFTs, OpenSea are hiring across the board.
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