OpenSea Moves To Seaport Protocol: Why It's Important And How It Could Save Users Gas Fees

Zinger Key Points
  • OpenSea said the move could save users around 35% on gas.
  • Along with saving users gas fees, the new protocol will also offer new tools for OpenSea users.

A leading non-fungible token marketplace is pushing through with a smart contract that will come with new features and save users gas fees.

What Happened: OpenSea announced a move to the Seaport Protocol, which will save users on Ethereum ETH/USD gas fees, according to Decrypt.

Seaport is an open-source decentralized protocol.

OpenSea said the move could save users around 35% on gas.

“We estimate the new contract will save $460 million in total fees each year,” OpenSea tweeted.

Additionally, new users on OpenSea will not have to pay a large “setup fee” as previously required to begin selling on the platform.

Related Link: Bored Ape Yacht Club NFT Sells For Record ETH Amount: Big Bet Or Marketing Play? 

Why It’s Important: The move will see OpenSea get away from the Wyvern protocol, which was used in a phishing scam that exploited users for $1.7 million.

Along with saving users gas fees, the new protocol will also offer new tools for OpenSea users.

The company is building a tool to allow users to list multiple NFTs for sale in one transaction and pay only one gas fee, similar to something that rival platform LooksRare already offers.

OpenSea will also add a feature that will allow NFT collections to have more than one wallet address for sales and royalty payouts.

 

Photo: Tada Images via Shutterstock

Posted In: EthereumLooksRareNFTNFTsnon-fungible tokensOpenSeaCryptocurrencyNewsMarkets

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