OpenSea Shifts to Seaport Protocol; Reduction in Gas Fees

OpenSea Shifts to Seaport Protocol; Reduction in Gas Fees

Thriving as the largest Non-Fungible Token marketplace, OpenSea has announced plans to shift from the Wyvern protocol to the Seaport protocol. In an attempt to strengthen its core infrastructure, the company has initiated the revamping process of its back-end unit with the aforesaid migration to the new self-created Seaport infrastructure. The strategic news announcement came as a blog post, on Tuesday, where the company shared the pros of the protocol shift. 

According to the report, the Seaport protocol will cause a striking reduction in the transaction fees charged by the platform. The gas cost will come down by nearly 35% based on the data statistics for 2021, stated the blog post. The firm highlighted the fact that the transition will increase the savings of investors as the fee reduction will represent savings worth $460 million in the coming year. Token sellers on OpenSea will need to pay a one-time fee charged on a per collection basis to sell NFTs on the portal post the protocol shift.

The team revealed that Seaport will be a powerful game-changer in the world of NFTs. With its open-source, fully decentralized, and progressive ecosystem, Seaport will fuel the creation and release of new features on the marketplace for NFT fans. Earlier, OpenSea shared that it will start building on top of Seaport by May-end. In its first version of the protocol, OpenSea revealed that the solution is open-source and is designed to suit the requirements of creators, developers, and traders of NFTs. 

The transition to Seaport will help OpenSea to remove initiation fees, allow investors to forward offers on full collections, and enhance signature clarity. The process will help to make the wallet signatures easily readable and understandable. The improved signature clarity will play a crucial role in suppressing the rise of illicit activities like phishing scams that cause millions of dollars of loss to the sector. 

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