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%.

AccessTimeIconJun 14, 2022 at 6:44 p.m. UTC
Updated May 11, 2023 at 4:20 p.m. UTC

Leading non-fungible token (NFT) marketplace OpenSea is revamping its back end and moving from the Wyvern protocol to its self-developed Seaport protocol, the company announced in a Tuesday blog post.

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.

  • Meme Coin Liquidity Hits Record High
    Meme Coin Liquidity Hits Record High
  • How Ledger Stax Plans to Make Self-Custody More Mainstream
    How Ledger Stax Plans to Make Self-Custody More Mainstream
  • Why Dogecoin Is a 'Weird' Investment
    Why Dogecoin Is a 'Weird' Investment
  • AI Tokens Surge as Nvidia Becomes World’s Most Valuable Company
    AI Tokens Surge as Nvidia Becomes World’s Most Valuable Company
  • “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.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Eli Tan

    Eli was a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

    Read more about