OpenSea has approximately 1.8 million users and is thought to be one of the most popular nonfungible tokens, or NFTs, marketplaces by trading volume. Earlier this week the company announced on Twitter the official move to their new smart protocol called “Seaport”.
Prior to OpenSea’s migration to Seaport, it used the apparently less-efficient “Wyvern” protocol. According to OpenSea, the move to Seaport will save an estimated 35% in gas fees for individual transactions and eliminate the need for a one-time setup fee for new users. Therefore saving the community more than $460 million USD each year.
In addition to being more efficient, Seaport is also designed to be more flexible, allowing OpenSea to build out new features. Some of the new features include: Collection Offers, Trait Offers, and new indicators for % rarity, floor price, and highest offers which are all filtered by attributes. More features are also in the pipeline, including bulk listing and real-time creator payouts for multiple recipients.
OpenSea stated in a Twitter thread: “We estimate the new contract will save [over] $460 million in total fees each year.”
