SNEAK PEEK
- Users can save 35% on gas fees with newly optimized transaction efficiency.
- Users can make whole Collection Offers on OpenSea, i.e., they can make an offer on all the NFTs in a collection.
- OpenSea will show the % rarity, the floor price, and the highest offer on NFTs, providing potential buyers more details to make their offers.
OpenSea has announced migration to Seaport, its new web3 marketplace protocol. OpenSea first announced its marketplace protocol in May this year. In the list of benefits, it will feature lower gas fees, a waiver of new account initialization fees, the ability to bid on entire collections, and more user-friendly signing options.
OpenSea made the announcement through a Twitter post:
Today, we’re officially moving to the Seaport protocol!
— OpenSea (@opensea) June 14, 2022
We estimate the new contract will save $460m + in total fees each year. But, that’s not all 👀 Let’s go through the updates… https://t.co/89B1FJARnl
According to OpenSea, users will have to pay 35% less for gas fees while transacting on Seaport. As per data from 2021, it would amount to an estimated $460 million (138,000 ETH) in total savings. Moreover, removing the setup fee would result in $120 million (35,000 ETH) per year in additive savings.
Owing to celebrity NFT drops, the Ethereum network became congested last year. As a result, users suffered losses due to failed transactions. As far as the gas prices are concerned, they have stabilized as of late. Compared to spikes of hundreds of dollars in 2021, average Ether gas prices tracked by YCharts have fallen to $95.86.
Users must approve collections to lower gas fees when selling or transferring NFTs. However, this is a one-time cost per collection. Moreover, this won’t affect any existing listings.
New users no longer need to pay a setup fee to use OpenSea.
OpenSea has teased features like the ability to purchase many NFTs in a single transaction, making real-time creator fees available to various recipients, and defining fees on-chain per-item basis. Seaport listings have the same basic structure as previous ones while its developers worked in Assembly to optimize transaction efficiency.
Introducing Seaport, a brand new web3 marketplace protocol for safely and efficiently buying and selling NFTs.
— OpenSea (@opensea) May 20, 2022
With an emphasis on flexibility and optimizations, Seaport has been built to support new and evolving use-cases for where NFTs are heading.https://t.co/3lUQIQm0km
The marketplace has cleared not controlling or operating the Seaport protocol and simply relying on it. It also mentioned hiring across the board in its concluding comments. This contrasts with the intense rounds of layoffs announced by several cryptocurrency companies, including, more recently, BlockFi and Coinbase.
