Change in Opensea Protocol is a good news for NFT Users

Change in Opensea Protocol is a good news for NFT Users

OpenSea stated that it was switching to Seaport, a new and improved web3 marketplace protocol created to simplify and lower the cost of NFT transactions for consumers.

The platform will reportedly change the game for NFT traders because it would enable them to significantly reduce their gas costs. Under the Wyvern Protocol, the majority of Open Sea's fees went toward covering gas prices; however, the new platform is anticipated to reduce gas fees by around 35%. As a result, OpenSea anticipates saving $460M annually on gas fees thanks to the new platform.

The release stated, "By eliminating the startup cost alone, the OpenSea community may save about $120m per year (35k in ETH)".

According to the Open Sea's website, new users might need to pay a one-time gas price in order to let Seaport interact with their stuff. 

Other related news : OpenSea announces migration to Seaport protocol

WETH (Wrapped ETH) usage must still be approved before new users can publish an auction. Users can pre-authorize bids with WETH, an ERC-20 token, and those bids can be completed at a later time without the bidder taking any additional action. Once users have finished making the above alterations in accordance with the new protocol, they will just need to provide a signature in order to list their NFTs.

In addition to serving the needs of traders, Seaport is also built to house NFT designers and builders. The protocol is built on top of an open-source, fundamental smart contract that is inherently decentralised and enables developers to optimise their work and open up previously impractical use cases. It should be noted that OpenSea will only be one of several organisations that develop on top of the Seaport protocol.