The non-fungible token (NFT) platform OpenSea has upgraded to work with its Seaport protocol. Among other things, this new feature saves more than $460 million per year in transaction fees, based on data from the last 12 months.
OpenSea launches Seaport
The non-fungible token (NFT) marketplace OpenSea has completed an update to include its new Seaport protocol. One of the significant improvements to this protocol is a streamlining of the platform’s functionality to significantly reduce transaction fees.
Based on numbers from May 2021 to May 2022, OpenSea estimates that the way Seaport works will save 35 percent in fees on average, compared to Wyvern Protocol, which was used until now. That’s the equivalent of more than $460 million per year.
In short, the amount of gas used by a smart contract will depend on the functions it uses. This is where the new protocol gains in optimization compared to its predecessor.
In addition to the transaction costs, Seaport now allows for collection offers. This is interesting if we are interested in a specific attribute of a collection of NFTs.
This new feature makes it possible to set up an offer, for example, on all lands in the Otherside metaverse that have an artifact. Thus, it is no longer necessary to make offers on a case by case basis. On the other hand, the floor prices of each attribute are also displayed during this process.
A totally open source protocol
Another point to highlight is that OpenSea has built the Seaport protocol to be totally open source. Moreover, the marketplace invites developers from all walks of life to analyze the code on GitHub, with a view to improving it or reporting possible flaws.
OpenSea also informs that OpenZeppelin has analyzed the security of the protocol and that Trail of Bits has conducted an audit. No major flaws were found during these reviews.
Moreover, the platform announces the upcoming arrival of a functionality allowing to list several NFTs in a single transaction. In addition, users will be able to define multiple payment addresses.