OpenSea moves to Seaport Protocol

OpenSea has moved to a new smart contract, known as Seaport Protocol, to save money on Ethereum gas fees.

The Seaport contract should cut roughly 35% in gas fees. The non-fungible token (NFT) marketplace says that the move will enable 1.8 million users to save money too.

Additionally, new account holders will no longer have to pay the one-time setup fee that Opensea previously charged.

On June 14, Opensea took to Twitter to make the announcement and explain any future updates. “Today, we’re officially moving to the Seaport protocol! We estimate the new contract will save $460m+ in total fees each year. But, that’s not all Let’s go through the updates…”

Included in the thread, OpenSea explained that NFT collectors can “make offers on items in an entire collection or with a specific attribute”, something that is “the first of its kind for Ethereum NFT marketplaces”.

OpenSea also added its intentions to “display floor prices and percentage rarity by attribute”.

Before migrating to Seaport, the world’s largest global Web3 marketplace was previously using the Wyvern Protocol, which, as well as being inefficient, was also subject to attackers that used a phishing scam to steal $1.7m from traders.

Seaport, the decentralized and open-source protocol won’t just be exclusive to OpenSea.

“Future development will be done in the open, in collaboration with the community. For all NFT builders, creators & collectors”, said in an announcement back in May.

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Updated: 06/16/2022 — 15:00