Overview

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OpenSea has moved to the “Seaport Protocol,” a new smart contract that the NFT marketplace says will allow its 1.8 million users to save money on Ethereum gas fees. The whole NFT fervor has certainly slowed down. Amidst this, NFT marketplaces like OpenSea have been recording a downfall in terms of transaction volume. OpenSea is the largest name when it comes to NFT marketplaces: their name has become synonymous with the NFT space, OpenSea Moves to Seaport Protocol With the Seaport contract, users will be able to save roughly 35% on gas, the company said. And new accounts will no longer require that one-time “setup fee” OpenSea previously charged. You’ll save an estimated 35% in gas fees for transactions using Seaport. Based on last year’s data, that would amount to more than $460m in total savings (138k in Now, the marketplace leader’s move to Seaport would save us 35% in gas fees per year. A one-time setup fee would also be waived for new accounts. Well, say OpenSea created the first version of the protocol, which could lower gas fees by 35% for transactions, the blog read. Furthermore, based on last year's data, the switch to Leading NFT marketplace OpenSea has announced a migration to a new marketplace protocol called Seaport that will allow users to save around 35% on gas fees.

Here's How OpenSea Gas Fees Would Reduce by 35%

Are you tired of hefty gas fees on OpenSea? The leading NFT marketplace has good news! OpenSea has moved to the “Seaport Protocol,” a new smart contract that the NFT marketplace says will allow its 1.8 million users to save money on Ethereum gas fees. This means significant savings for NFT buyers and sellers. But how much exactly? Read on!

OpenSea Moves to Seaport Protocol: 35% Gas Fee Reduction

With the Seaport contract, users will be able to save roughly 35% on gas, the company said. You’ll save an estimated 35% in gas fees for transactions using Seaport. Well, say OpenSea created the first version of the protocol, which could lower gas fees by 35% for transactions, the blog read. Leading NFT marketplace OpenSea has announced a migration to a new marketplace protocol called Seaport that will allow users to save around 35% on gas fees. Now, the marketplace leader’s move to Seaport would save us 35% in gas fees per year.

What Does This Mean in Real Numbers?

Based on last year’s data, that would amount to more than $460m in total savings (138k in ETH). Furthermore, based on last year's data, the switch to Seaport would have resulted in massive cost savings for the community.

More Than Just Gas Fee Reduction: No More Setup Fee!

And new accounts will no longer require that one-time “setup fee” OpenSea previously charged. A one-time setup fee would also be waived for new accounts. This makes it even easier and more affordable to get started trading NFTs on OpenSea.

Why the Change Now?

The whole NFT fervor has certainly slowed down. Amidst this, NFT marketplaces like OpenSea have been recording a downfall in terms of transaction volume. OpenSea is the largest name when it comes to NFT marketplaces: their name has become synonymous with the NFT space. This move to Seaport Protocol is likely aimed at attracting more users and reinvigorating the NFT market by lowering barriers to entry and reducing transaction costs.

In Conclusion

The move to Seaport Protocol promises a significant reduction in OpenSea gas fees, potentially saving users 35% on each transaction. This, coupled with the elimination of the new account setup fee, makes OpenSea a more attractive and cost-effective platform for NFT enthusiasts. So, get ready to save money and enjoy a smoother NFT trading experience!

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