OpenSea, the most widely traded NFT marketplace by trade volume, has announced its move to Seaport. The OpenSea Seaport migration will provide even lower gas fees, the ability to make bids on whole collections, no more account-making fees, and improved signature choices, among other things.
A Reasonable Move
Users in Seaport will spend 35% less on gas charges, claims OpenSea. Based on data from 2021, the overall savings would be expected to be $460 million (138,000 ETH).
This will gradually reduce the setup expense that may result in annual savings of $120 million (35,000 ETH).
The year before, owing to significant NFT drops on OpenSea, the Ethereum network had become clogged with customers reporting losses due to missed transactions. Gas costs have lately stabilized, with the average Ether gas price at YCharts currently standing at $95.86, as opposed to peaks of hundreds of dollars in 2021.
One Transaction, Multiple NFTs
OpenSea will release new features such as the ability to purchase many NFTs in a single transaction, creator fees being accessible to many receivers, and per-item on-chain costs. OpenSea also introduces different signature types, including MetaMask, Gnosis Safe, Portis, and Authereum. This will make it easier for users to connect their wallets and facilitate transactions.
The State of Other Exchanges
The team has said they will be “maintaining a bridge” to the old OpenSea for those who want to use it. The company, according to OpenSea, does not manage or run the Seaport protocol but instead builds on top of it. The firm also stated that it is continuing to recruit across the board. In contrast, numerous cryptocurrency firms have announced big rounds of layoffs in recent weeks, including BlockFi and Coinbase.
Cryptocurrency exchange BlockFi announced on Sunday that it would let go of 260 workers or roughly 5% of its entire staff.
Monday morning, BlockFi revealed that 20% of its 850-strong staff would be laid off in an emotional statement from the creators.
Coinbase has decided to maintain a hiring freeze and rescinded job offers to hundreds of candidates. The firm also said it would no longer proceed with plans to open an office in New York City. Despite the difficult times, OpenSea appears to be thriving.
OpenSea has been one of the driving forces behind NFTs’ rise in popularity, and its move to Seaport shows that the company is looking to stay ahead of the curve. With gas fees being a major concern for many users, this migration promises to provide a more user-friendly experience. Its designers labor in Assembly to optimize transaction performance, but Seaport listings are structured similarly to earlier ones.