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OpenSea announces migration to Seaport protocol

OpenSea announces mi

OpenSea announces migration to Seaport protocol

OpenSea, the most popular nonfungible tokens (NFTs) platform in terms of trade volume, announced its migration to Seaport on Tuesday. The protocol promises decreased gas fees, the opportunity to make offers on full collections, the elimination of new account initiation fees, and more user-friendly signature alternatives, among other benefits.

Users would pay 35 percent less for gas fees while dealing on Seaport, according to OpenSea. According to figures from 2021, total savings would be over $460 million (138,000 ETH). Furthermore, eliminating the setup cost might save $120 million (35,000 ETH) each year in additional savings.

Owing to notable NFT dumps on OpenSea the year before, the ETH network became intermittently overloaded, with users claiming losses due to missed transactions. Gas prices on the network, on the other hand, have recently steadied. As per sources data, the average Ether gas price has dropped to $95.86, compared to surges of hundreds of dollars in 2021.

OpenSea has previewed capabilities including the option to buy several NFTs in one transaction, making real-time creator fees accessible to many receivers, and establishing costs per-item on-chain. While its creators worked in Assembly to maximize transaction performance, Seaport listings have the same core format as earlier ones.

According to OpenSea, it does not own or run the Seaport protocol, but rather builds on top of it. In closing remarks, the company indicated that it is continuing "hiring across the board." In contrast, numerous cryptocurrency companies, most recently BlockFi and Coinbase, have announced large-scale layoffs.

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