OpenSea migrates to the new Seaport protocol to reduce transaction costs

OpenSea launches Seaport

The non-fungible token (NFT) marketplace open sea made an update to integrate the new Seaport protocol† One of the major improvements of this protocol consists in rationalizing the platform’s functionalities, in order to significantly reduce transaction costs:

Based on figures from May 2021 to May 2022, OpenSea believes the way Seaport operates will save Average 35% reimbursement, compared to the Wyvern protocol, which has been used until now. This represents the equivalent of more $460 million per year

The illustration below illustrates this equation by highlighting the amount of gas used by each protocol for different types of transactions:

Figure 1: Gas used by Wyrven and Seaport

Basically, the amount of gas a smart contract consumes depends on the features it uses. This is where the new protocol gain in optimization compared to its predecessor.

In addition to transaction costs, you can now also use Seaport collectible offers. This is interesting in the context where a specific feature of a collection of NFTs would interest us:

Collectors offer

Figure 2: Collection Offerings on OpenSea

The example in Figure 2 shows how this new functionality enables the creation of an offer, on all countries of the Otherside metaverse with an artifact. So it’s not no longer necessary to make offers on a case-by-case basis† On the other hand, the minimum prices of each attribute are also displayed during this process.

👉 To continue – Discover our tutorial on the OpenSea platform

A fully open source protocol

Another point to emphasize is that OpenSea built the Seaport protocol in such a way that it be completely open source† The marketplace also invites developers from all walks of life to analyze the code on GitHub, with the aim of improving it or reporting any flaws.

OpenSea also says that OpenZeppelin has analyzed the security of the protocol and that Trail of Bits has conducted an audit. No major flaws was found during these studies.

In addition, the platform is announcing the imminent arrival of a feature that allows you to display various NFTs in one transaction† There is also the option for users to define multiple payment addresses.

Thus, despite the context, the NFT market leader continues to evolve and has even 35 vacancies on his siteat the moment of writing.

👉 Also in the News – NFT Trading Volume Explodes as Market Tumbles

Source: Press release, OpenSea

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About the author : Vincent Mayor

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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially moderately invested, it was only two years later that I took the risk to bet everything on the movement that was taking shape at the time. Then I dedicate 2021 to training myself better to gain more knowledge and seriousness. As I often say, I still have a billion things to learn. And what I do know, I want to share with you.
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