BREAKING NEWS

14.August 2022

NFT Marketplace Opensea Migrates to Seaport Protocol, Transition to Cut Network Fees by 35%

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On Tuesday, the leading non-fungible token (NFT) marketplace in terms of all-time sales, Opensea, announced it is migrating to Seaport, an open source Web3 marketplace protocol. Opensea says the Seaport protocol migration from the Wyvern protocol will cut network fees by 35%, and users will no longer have to pay an account initialization fee.

Opensea is moving to the Seaport protocol in order to enhance the NFT marketplace experience for users. The Opensea development team details that the migration will cut gas costs significantly. Moving to Seaport will reduce fees by 35% and add a number of other features like zero account initialization fees. Signing features to confirm specific actions have also been improved, Opensea explained in a summary sent to Bitcoin.com News.

Opensea’s Seaport summary adds:

The Seaport contracts emphasize efficiency and contain a significant amount of low-level assembly code. We’ve included a reference implementation that replicates the functionality of the optimized contract without any assembly code to enhance readability.

Opensea is the leading NFT marketplace in terms of all-time sales with $31.09 billion according to dappradar.com statistics. Metrics further detail that Opensea has recorded a total of 1,801,409 traders and the average price on the NFT market is $641.36. However, NFT sales have dropped a great deal in recent times, and overall NFT sales across the entire ecosystem are down 30.40% since last week.

What do you think about the NFT marketplace Opensea migrating to Seaport? Let us know what you think about this subject in the comments section below.

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