Big news from the largest NFT market on Web3 includes the announcement of OpenSea moving to the Seaport Protocol. OpenSea first introduced its protocol marketplace to the world a few weeks ago. Now, it looks like we’re going to Seaport for work which starts today! But what is the Seaport Protocol and how does this affect OpenSea users? Let’s take a look.
What is the new Seaport Protocol from OpenSea?
OpenSea first announced Seaport to the world in May. In summary, Seaport is OpenSea’s new web -based shopping protocol. With that said, Seaport is open, which means other markets can use the protocol if they wish.
Seaport’s goal is to make it easy and convenient to buy and sell NFTs. Aside from being decentralized, OpenSea says Seaport is “inherently decentralized.” This is what is of most interest to developers and people on the Web3 site.
Why is OpenSea moving to Seaport?
Importantly, this move will see OpenSea abandon the Wyvern Protocol. By definition, it is the marketplace protocol that OpenSea has used to date. The reason is that the biggest benefit from Seaport’s transition lies in the user experience.
OpenSea expects users to save about 35% on gas prices in transactions using the Seaport Protocol. To report, more than $ 460 million (138K ETH) in total revenue according to data from 2021.
Gas management is available in the form of Seaport Protocol developers designed to make gas more efficient than other Web3 markets. In fact, data from OpenSea shows how significant these reductions are in gas prices. Not just for buying NFTs at ETH, but for accepting gifts at NFTs at wETH.
It is important to note that users need to allow collections to include lower gas costs when purchasing or exchanging NFTs. However, this is a one -time fee for collection. Furthermore, this does not apply to existing lists.
In addition, new users do not have to pay a subscription fee to use OpenSea. In fact, OpenSea users can save about $ 120 million / 35K ETH in a year due to the opening fee.
Collection Offers, great listings, and real -time rewards are on the way
Gas management isn’t the only thing OpenSea has improved since it moved to Seaport.
For one, users can create entire collection gifts on OpenSea. In other words, starting today, you can make a donation on all NFTs to a collection. By the same token, users can donate gifts on NFT to a collection with specific characteristics. While getting started, Trait Offers will only be available for top 100 NFT collections over 30 days on OpenSea.
In addition, OpenSea shows the % rarity, floor price, and highest gift in NFT. These stats will be filtered by style, giving customers more insight into how to make their offerings. Lastly, OpenSea is an integration that develops a way for developers to select collection gifts with features.
In fact, this is an interesting development from the leading NFT market. If Seaport Protocol allows these features to work on OpenSea, it will be a big win for the platform and users. Not to mention that OpenSea says Seaport will be able to launch new features soon. This results in the ability to purchase multiple NFTs in one transaction, real -time labor costs, and more.
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