Monday, June 27, 2022
HomeMigratingOpenSea is moving to Seaport to provide better user experience

OpenSea is moving to Seaport to provide better user experience

Major News from the largest NFT marketplace in Web3 when OpenSea announced that it will be migrating over to the Seaport Protocol. OpenSea introduced its marketplace protocol to world just a few weeks back. Seaport will be in action from today, it seems! What is the Seaport Protocol? And what will it mean for OpenSea users. Let’s take an in-depth look.

The logo for OpenSea's Seaport Protocol
OpenSea claims that its move to Seaport will reduce fees by millions. Credit: OpenSea

What is the new Seaport Protocol from OpenSea?

OpenSea first announced Seaport to the world back in May. Seaport is OpenSea’s new web3 marketplace protocol. Seaport is open-source, which means that other marketplaces can also use it.

Seaport’s goal is to make NFTs easier and cheaper to purchase and sell. OpenSea claims that Seaport is not only open-source, but also “inherently distributed”. This makes Seaport more attractive to Web3 developers and others.

Graph comparing Wyvern Protocol to OpenSea's Seaport
According to OpenSea, Seaport is 34.8% more cost-effective than Wyvern Protocol. Credit: OpenSea

Why is OpenSea migrating to Seaport?

Significantly, this move will see OpenSea leave behind the Wyvern Protocol. This is the marketplace protocol OpenSea has used until now. The biggest benefit of the Seaport Switch is in the cost-efficiency department.

OpenSea forecasts that users will save about 35% on gas fees on transactions using the Seaport Protocol. To illustrate, that would have amounted to $460 million (138K ETH) in total savings according to data from 2021.

The Seaport Protocol developers are more efficient than other Web3 markets in terms of gas consumption. OpenSea data shows the size of these gas fee reductions. This applies to both buying NFTs from ETH and accepting NFTs offers in wETH.

It is important to remember that you will need to approve collections to get lower gas prices when selling or transferring NFTs. This is only a one-time fee per collection. This will not affect any existing listings. New users don’t have to pay a setup fee in order to use OpenSea. In fact, OpenSea users could save about $120 million/35K ETH a year thanks to the removal of the setup fee.

screenshot from OpenSea career page
The biggest NFT marketplace is looking to hire people to help expand its platform. Credit: OpenSea

Collection Offers, Bulk Listings, and Real-time Creator Fees on the way

The gas fee savings aren’t the only improvement coming to OpenSea after its move to Seaport.

One thing users now have the ability to make complete Collection Offers through OpenSea is that they can do so from anywhere. OpenSea now allows users to make whole Collection Offers. Users can also offer NFTs to a specific collection by making offers. Although to begin with, Trait Offers will only be available for the top 100 NFT collections by 30-day volume on OpenSea. OpenSea now shows the % rarity, floor price and highest offer on NFTs. The stats can be filtered by attribute to give potential buyers more information about their offer. OpenSea also states that it is working on a way to allow creators to opt in for collection offers with traits.

This is a great development by the world’s leading NFT marketplace. It will be a huge win for OpenSea and its users if the Seaport Protocol allows all these features to work on OpenSea. Not to mention that OpenSea says that Seaport will make it possible to launch new features more quickly. You can buy multiple NFTs at once, pay creator fees and more.

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All investment/financial opinions expressed by are not recommendations.

This article is educational material.

As always, make your own research prior to making any kind of investment.

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Henry Hicks
Henry Hicks
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!


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