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:
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):
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.
