OpenSea Migrates to Seaport Protocol in Bid to Lower Transaction Costs
The NFT marketplace says the move to the open source protocol could reduce gas fees by as much as 35%.
OpenSea says the switch could significantly reduce transaction costs on the platform, lowering "gas" costs by “about 35% based on last year’s data,” according to the blog post. The company estimates the switch will save users $460 million in the next year.
“Seaport is a game changer, it’s open source, inherently decentralized and a modern foundation that will help us (and any teams using it) build and release new features more quickly,” OpenSea said in the post.
OpenSea first announced it would eventually be building on top of Seaport at the end of May. While OpenSea created the first version of Seaport, it said the protocol is open source and meant to be used by all builders, creators and collectors of NFTs.
Sellers on the platform will have to pay a one-time fee per collection to sell NFTs on the platform using the new protocol.
In addition to lowering gas costs, moving to Seaport will allow OpenSea to eliminate initiation fees, let users make offers on entire collections and make its wallet signatures “easier to read and understand.”
Improving signature clarity is presumably a security measure, meant to quell the rise of phishing scams that have stolen millions of dollars of NFTs in the past year.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.