The new web3 marketplace protocol, Seaport, is introduced by OpenSea on Tuesday, making NFT transactions more convenient and cost-effective for consumers. The new platform is expected to save OpenSea $460 million in annual gas fees.
Today, we're officially moving to the Seaport protocol!
We estimate the new contract will save $460m + in total fees each year. But, that’s not all 👀 Let’s go through the updates… https://t.co/89B1FJARnl
— OpenSea (@opensea) June 14, 2022
According to the release, OpenSea’s community could save $120 million a year by eliminating the startup charge alone. According to the Open Sea website, new users may be required to pay a one-time fee in order to enable Seaport to interact with their products.
For first-time users, WETH (Wrapped ETH) must be approved before they may advertise an auction. It is possible to make bids using WETH, an ERC-20 token, in advance and have those bids automatically fulfilled at a later time.
To list NFTs on the new protocol, users will only need to pay for a signature after they have made the necessary revisions. It’s possible to tip artists under the new protocol, and bulk offers for NFT collections may also be made.
This new platform will include more capabilities, such as the ability for producers to specify their fees on-chain on a per-item basis with various payment addresses, which the open sea team is now working on.
Features of OpenSea’s Seaport
The Seaport, which was first announced last month, has been developed to cater to both traders and NFT designers and builders.
Using an open-source core smart contract, the protocol allows developers to improve their applications and enable previously unimaginable use cases. Aside from the Seaport protocol itself, OpenSea will not be in charge of or administer this shared protocol.
With over 1.5 million members, Open Sea is the world’s biggest non-fungible token (NFT) marketplace. According to statistics from DappRadar, the site has transacted assets worth $31.09 billion since its introduction.