Users are expected to save roughly 35% on gas fees when doing transactions on OpenSea.
On June 14, the NY-based online marketplace for non-fungible tokens (NFTs) dubbed OpenSea stated that it would be moving to Seaport.
Seaport is a new Web3-based decentralized marketplace protocol that is built with the sole purpose of providing a safe and efficient way to purchase or sell NFTs.
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The migration will reportedly provide OpenSea’s users with a number of benefits, including reduced gas costs, more convenient signature options, and the possibility to make offers on entire collections. On top of that, the launch will contribute toward removing new account initialization fees.
As stated in the official statement, customers will save around 35% on gas fees when doing transactions on the marketplace, whereas the total savings are anticipated to be 138,000 Ether (ETH), estimated at $460M, based on last year’s statistics. Likewise, the removal of the setup fee might result in an annual savings of 35,000 Ether (ETH), worth roughly $120M.
Furthermore, Aadil Mamujee, CEO of OpenSea, noted that this migration will enable the marketplace to provide its customers with something that it couldn't previously. He said:
"Starting today, you can make Collection Offers, which are offers on all items in a collection. You can also make Trait Offers, offers on a group of items with specific attributes."
Seaport was built as a more gas-efficient marketplace when compared to others. In fact, it is considered 34.8% more cost-effective than the Wyvern Protocol. Moreover, OpenSea is also seeking to provide devs the ability to select collection offers with particular attributes in the near future.
On another note, the past year for OpenSea has not been easy, as the marketplace experienced several back-to-back hacks. For instance, earlier in January, the NFT exchange was attacked as the hacker managed to steal 332 ETH, worth around $755k at past market prices. Only a month later, the customers of OpenSea were hit by a phishing attack and rumouredly lost roughly $200M worth of NFTs.
