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

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

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23/07/2022 by Koinal
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Opensea, the leading non-fungible token (NFT) marketplace in terms of all-time sales, announced it is migrating to Seaport, an open-source Web3 protocol. As a result of the migration of Seaport protocol from Wyvern protocol, network fees will decrease by 35%. Users will no longer have to pay account initialization fees.
NFT Marketplace Opensea Migrates to Seaport Protocol, Transition to Cut Network Fees by 35%

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Opensea, the leading non-fungible token (NFT) marketplace in terms of all-time sales, announced it is migrating to Seaport, an open-source Web3 protocol. As a result of the migration of Seaport protocol from Wyvern protocol, network fees will decrease by 35%. Users will no longer have to pay account initialization fees.

The Seaport protocol is being used by Opensea to enhance the user experience in the NFT marketplace. According to the Opensea development team, the migration will drastically reduce gas costs. The move to Seaport will reduce fees by 35% and add additional features, such as zero account initialization fees.

According to a blog post about Seaport, Opensea says that while the NFT marketplace is the first to use Seaport as well, the company is inviting the developer community to do the same. “What we’ve really built is a foundation to empower the developer community to work together on this primitive. Opensea does not control or operate the Seaport protocol — we will be just one, among many, building on top of this shared protocol,” its blog post notes.

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.

According to statistics from dappradar.com, Opensea is the leading NFT marketplace in terms of all-time sales with $31.09 billion. There are 1,801,409 traders registered in Opensea, and the average price on the NFT market is $641.36. NFT sales have fallen substantially in recent times, and overall, NFT earnings across the entire ecosystem have dropped 30.40%.

Opensea’s Seaport blog post explains that during the early development process, Openzeppelin performed a security review. When Seaport was near complete, Opensea’s Seaport summary details Trail of Bits conducted an audit of the protocol.

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