The leading non-fungible token (NFT) marketplace OpenSea has migrated to the Seaport protocol with open-source code.
Today, we’re officially moving to the Seaport protocol!
We estimate the new contract will save $460m + in total fees each year. But, that’s not all 👀 Let’s go through the updates… https://t.co/89B1FJARnl
— OpenSea (@opensea) June 14, 2022
“The revolutionary Seaport product is open-source, by its nature decentralised and a modern foundation that will help us (and others using it) to create and launch new features more quickly,” said the marketplace team.
Among the key features of the upgrade, developers cited:
- significant reduction in gas costs;
- the ability to place offers on entire NFT collections or on multiple tokens with specific attributes;
- no account initialisation fee;
- simplified confirmation of transactions using wallets.
According to their estimates, based on last year’s data, user savings on transactions could reach up to 138,000 ETH (~$146.3 million at the current rate). Fees will fall by roughly 35%.
The attribute-based offer option will initially be available for 100 leading token collections by 30-day trading volume.
The updated protocol will enable new features in the future, OpenSea noted. Examples cited by the developers include the ability to purchase multiple NFTs in a single transaction, as well as real-time royalty payments to multiple recipients.
In 2022, the marketplace implemented a number of measures to protect against plagiarism, intellectual property infringements and fraud.