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Wyvern is pushed overboard by the world’s largest NFT market, and finds safe harbor in Seaport. OpenSea is now using the “Seaport Protocol,” which the NFT marketplace claims will save its users 1.8 million dollars on Ethereum gas fees.

The company stated that Seaport customers will save approximately 35% on their gas consumption with the contract. OpenSea will no longer charge a one-time setup fee for new accounts.

NFTs, which are tokens based on blockchain technology, allow you to prove ownership of digital or physical assets. Gas fees are transaction fees and can increase quickly during periods when there is high demand.

It used the slower Wyvern protocol before moving to Seaport.

OpenSea stated that the new contract would save them [over] $460,000,000 in annual fees in a thread describing the Seaport announcement.

Seaport, an open-source protocol and decentralized protocol, has been audited Web3 security companies OpenZeppelin as well as Trail of Bits. It was designed to allow multiple items to be included in an on-chain transaction. This is not only for OpenSea.

“It’s meant for all NFT builders,” the marketplace stated when it announced the protocol May 20, 2010.

OpenSea now has Seaport and is working on a tool to allow NFT holders multiple NFTs for purchase at once. Only one gas fee will be charged for each listing. LookRare, a competitor marketplace, launched a bulk listing feature two month ago.

OpenSea stated that NFT collection owners will soon be able add multiple payout addresses for royalties and sales.

OpenSea hosted a code audit contest for its Seaport protocol. It was held for two weeks prior to its launch. The prize pool included up to 1,000,000 USDC (Circle’s stablecoin). Anybody could submit any issues found in the code.

OpenSea is moving to Seaport. It’s important to note that listings and offers will not be able to be added after June 21,. OpenSea will cease fetching Wyvern contracts data by July 13th. Listings created under the Wyvern contract won’t be visible on the site.

OpenSea’s shift to a more efficient protocol comes one month after Kraken announced that its upcoming NFT marketplace would have no gas fees for trades on-platform.

The post Seaport Protocol Will Allow Opensea Users to Save 35% On Gas Fees first appeared on The Daily Encrypt.


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Angie Byrd