SeaPort – OpenSea’s New Protocol for Saving Time and Money

Share This Post

OpenSea users can save more than $120 million (35K ETH) per year thanks to new protocol

Just two days ago⁠, OpenSea‘s new protocol, Seaport, was launched for safely and efficiently purchasing and selling NFTs.

The benefits of the secondary marketplace switching to this brand spanking new protocol include:

  • Lower gas fees
  • The opportunity to make more comprehensive offerings on collections and multiple items with specific traits
  • No need to pay account initialization fees (proxy deployment)
  • More straightforward directions for confirming purchases and actions

So, let’s learn about the advantages of this very new protocol:

OpenSea's New Protocol

CHEAPER TRANSACTION FEES

Developers behind OpenSea’s new protocol use Assembly to optimize transaction efficiency. Reasons include ensuring fees are more gas efficient and flexible compared to other Web3 marketplaces

Back in the day (a few days ago), customers had to pay a one-time setup fee (proxy deployment) to use OpenSea. Now, thanks to Seaport, customers can save around 35% in gas fees⁠—saving more than $120 million (35K ETH) per year.

Check out this table to understand the significant gas savings for both Ethereum (ETH) and Wrapped Ether (WETH) (an ERC-20 token on Ethereum pegged to the price of ETH):

OpenSea's New Protocol

Note: OpenSea must approve NFT collections before you can view the gas fees. 

OTHER KEY PERKS

Another advantage of OpenSea using Seaport is the ability to build new features that were previously non-existent.

From now on, you can make “Collection Offers”, which are offers on all items in a collection.

“Attribute Offers” are also now a “thing”. You can make offers on a bunch of items with specific attributes (rarities). More money can be made through unique, indivisible and transferable NFTs, providing their scarcity is proved.

The marketplace shows the percentage of the rarity, floor price and the highest offer to give customers more information before deciding how much to spend purchasing a collection. 

Attribute Offers are currently only available for the top 100 collections by 30-day volume. Although, this is soon to change.

WHAT TO EXPECT NEXT

OpenSea will shortly launch other new features, including bulk listings, that will allow you to purchase a group of NFTs simultaneously via a single transaction. By doing so, fees will lower, and creators can define their prices on-chain through a per-item basis using more than one payout address.

If you want to keep on track with OpenSea’s progress, add the secondary marketplace’s Discord and Twitter. Here, you can also share your thoughts on new ideas for improving customer experience.

Subscribe to the NFT Lately newsletter to receive news covering the latest NFT-related drops, releases, reviews and more.

spot_img

Related Posts

World Cup Legend Sir Geoff Hurst Releases NFTs For Alzheimer’s Research

The debut NFT collection, 'The Everlasting Memory' by World...

Stripe Launches Fiat-to-Crypto Payment Service for Web3 Companies

Stripe, a payment processing business, unveiled a "fiat-to-crypto on-ramp"...

Top NFT Analytics Tools to Use in 2023

Non-fungible tokens (NFTs) are gaining popularity as a way...

What is USDTe? A Full Guide to Avalanche Tether

USDTe is a stablecoin on the Avalanche blockchain that...

Did SBF Doom NFTs? FTX Aftermath – What’s Next

Many Web3 companies view the FTX aftermath as a...

Top NFT Podcasts for 2023 | Best Listens

For some, a good podcast can be highly entertaining...

Related Posts

Mattel Launches an NFT Marketplace With Hot Wheels Collection

Mattel announced a new NFT marketplace as it expanded...

Porsche Makes Its Web3 Debut With Its First NFT Collection

The luxury sports car manufacturer announced its official entry...

Yuga Labs’ Leaked Financials Show Insane Profits

Leaked data shows that Yuga Labs has sold more...

What You Need to Know About This NFT Market Crash

NFTs have already changed the world. Now it's time...

What is USDTe? A Full Guide to Avalanche Tether

USDTe is a stablecoin on the Avalanche blockchain that...

Binance Football Fever 2022 Offers Fans $1 Million in Rewards

Binance brings "Binance Football Fever 2022," a one-of-a-kind football...