Opensea Moves To Seaport To Reduce Network Fee By 35%

Blockchain Cryptocurrency News NFT

In the latest news, the largest NFT marketplace, Opensea, has switched protocol. The company stated that it is moving to Seaport, a web3 open market platform.

The good news is that users will no longer pay account initialization fees. Also, the move will reduce the amount spent on network fees by over 35%.

Opensea Leaves Wyvern For A New Protocol, Seaport

According to Bitcoin.com, Opensea wants to create an environment where developers can work together. Besides, the switch will enhance Opensea’s marketplace features. 

The Opensea team behind the development noted that this move would reduce gas costs.It would add other features besides reducing fees by about 35%. An example is the removal of charges on new accounts. 

Moreover, Opensea published a post on its blog about its recent migration to Seaport. Meanwhile, Opensea is the first NFT marketplace on Seaport. However, the firm has asked other developers to utilize the platform. 

Furthermore, the company noted that it is willing to share Seaport with other developers. This means Opensea will not govern or operate the protocol. As a result, various developers can come on board the protocol.

According to the post, the Seaport contract places a significant emphasis on efficiency. Also, it contains a considerable amount of assembly code. 

“Meanwhile, the team also added a reference implementation to the code. This reference implementation can replicate the contracts functionality and enhance readability. It will do so without asking for assembly code,” the blog post added.

Opensea Tops The NFT Market

Currently, the top marketplace for NFTs based on highest sales is Opensea. As per statistics from Dappradar.com, it has recorded sales of over $31.09 billion.

Additionally, data from Metrics reveal that the marketplace has over 1,801,409 traders. Also, NFT’s average price on the platform is $641.36.

Unfortunately, the sales of NFTs have dipped recently. In the past week, total sales of NFTs in the industry have dropped by 30.40%.

The ongoing crypto market crisis has affected the NFT market. In the last 24 hours, the sales volume of Opensea has dropped by over 11.36%. 

According to Opensea’s blog post, Openzeppelin carried out a security survey. It performed the survey during the developmental stage. Also, before it migrated to Seaport, Trail of Bits audited the protocol.

Moreover, the famous NFT market had to take these steps to ensure security and safety. In recent months, various NFT markets have been targets of different cyber attacks. This has led to the loss of millions of dollars.

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