OpenSea announces migration to Seaport protocol

OpenSea announces migration to Seaport protocol


On Tuesday, OpenSea, the most popular nonfungible tokens, or NFTs, marketplace by trading volume, announced that it was migrating to Seaport. Among many perks, the protocol says it will feature lower gas fees, the ability to make offers on entire collections, removal of new account initialization fees and more user-friendly signature options.

As told by OpenSea, users would pay 35% less for gas fees when transacting on Seaport. Based on data from 2021, it would amount to an estimated $460 million (138,000 ETH) in total savings. In addition, the removal of the setup fee would potentially result in $120 million (35,000 ETH) per year in additive savings.

The year prior, the Ethereum network became periodically congested due to celebrity NFT drops on OpenSea, with users reporting losses

Trending: Massive Recall Announced, Normal Home Item Has Been Spontaneously Bursting Into Flames

Continue reading


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Thanks for sharing!
Send this to a friend