OpenSea, the largest NFT market in Web3, has made a significant announcement: it is switching to the Seaport Protocol. A few weeks ago, OpenSea first unveiled its marketplace protocol to the public. It now seems likely that we will visit Seaport as soon as today! What is the Seaport Protocol, though, and how will this affect users of OpenSea? Let’s look at it.
What is the new Seaport Protocol from OpenSea?
Seaport was initially introduced to the world by OpenSea in May. In conclusion, Seaport is the new web3 marketplace protocol from OpenSea. The protocol used by Seaport is open source, so other marketplaces are free to use it if they so choose.
The purpose of Seaport is to make the buying and selling of NFTs more affordable and simple. In addition to being open source, Seaport is described as being “inherently decentralised” by OpenSea. Due to this, it is more enticing to developers and others working in the Web3 domain.
Why is OpenSea migrating to Seaport?
Significantly, OpenSea will no longer use the Wyvern Protocol as a result of this change. To be clear, OpenSea has been using this marketplace protocol up to this point. In essence, the user cost area is where the Seaport move makes the largest improvement.
According to OpenSea, employing the Seaport Protocol will result in consumers saving roughly 35% on gas costs for transactions. For example, based on data from 2021, it would have equated to a total savings of $460 million (138K ETH).
Since the Seaport Protocol was developed to be more gas-efficient than existing Web3 marketplaces, there are gas savings. In fact, data from OpenSea demonstrates how large these gas fee reductions could be. Not simply for making ETH purchases of NFTs, but also for taking offers on wETH-based NFT purchases.
Users must allow collections in order to obtain cheaper gas costs when selling or transferring NFTs, which is a crucial point to remember. Nevertheless, this is a one-time fee for each collection. Additionally, this won’t have an impact on any current listings.
Additionally, there is no longer a setup cost for new customers to use OpenSea. In fact, the elimination of the setup cost will allow OpenSea customers to save around $120 million/35K ETH annually.
Collection Offers, Bulk Listings, and Real-time Creator Fees on the way
After moving to Seaport, OpenSea will experience a number of enhancements in addition to the gas fee savings.
Users can now create complete Collection Offers on OpenSea, for starters. In other words, you can now submit an offer for every NFT in a collection. In the same vein, users can also offer on NFTs in a collection that have particular characteristics. Trait Offers, however, will initially only be accessible to the top 100 NFT collections on OpenSea as measured by 30-day volume.
Additionally, OpenSea will now provide the floor price, highest offer, and percent rarity for NFTs. By categorising these statistics by attribute, prospective buyers will have more information with which to formulate their bids.Finally, OpenSea adds that it is developing a way for creators to opt into collection offers with traits.
This is undoubtedly an intriguing development from the top NFT market. It will be a huge triumph for the platform and its users if the Seaport Protocol actually makes it possible for all of these capabilities to function on OpenSea. Not to mention, according to OpenSea, Seaport will allow for a quicker rollout of new services. This covers several things, such as the capability of purchasing several NFTs in a single transaction and real-time creator fees.