by Jamie Redman
On Tuesday, the leading non-fungible token (NFT) marketplace in terms of all-time sales, Opensea, announced it is migrating to Seaport, an open source Web3 marketplace protocol. Opensea says the Seaport protocol migration from the Wyvern protocol will cut network fees by 35%, and users will no longer have to pay an account initialization fee.
Opensea is moving to the Seaport protocol in order to enhance the NFT marketplace experience for users. The Opensea development team details that the migration will cut gas costs significantly. Moving to Seaport will reduce fees by 35% and add a number of other features like zero account initialization fees. Signing features to confirm specific actions have also been improved, Opensea explained in a summary sent to Bitcoin.com News.
In a blog post describing Seaport, Opensea says that while the NFT marketplace is the first to leverage Seaport, the company is inviting the developer community to utilize it as well. “What we’ve really built is a foundation to empower the developer community to work together on this primitive. Opensea does not control or operate the Seaport protocol — we will be just one, among many, building on top of this shared protocol,” the company’s blog post notes.
Opensea’s Seaport summary adds:
The Seaport contracts emphasize efficiency and contain a significant amount of low-level assembly code. We’ve included a reference implementation that replicates the functionality of the optimized contract without any assembly code to enhance readability.
Opensea is the leading NFT marketplace in terms of all-time sales with $31.09 billion according to dappradar.com statistics. Metrics further detail that Opensea has recorded a total of 1,801,409 traders and the average price on the NFT market is $641.36. However, NFT sales have dropped a great deal in recent times, and overall NFT sales across the entire ecosystem are down 30.40% since last week.
During the past 24 hours, Opensea’s sales volume dropped 11.36% as the current crypto bear market has not been friendly to the NFT ecosystem. Opensea’s Seaport blog post explains that during the early development process, Openzeppelin performed a security review. When Seaport was near complete, Opensea’s Seaport summary details Trail of Bits conducted an audit of the protocol.
What do you think about the NFT marketplace Opensea migrating to Seaport? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: FellowNeko
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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