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OpenSea migrates to Seaport protocol

OpenSea
TL;DR Breakdown
  • OpenSea moves to Seaport protocol
  • OpenSea lays out the benefits of Seaport
  • Ethereum facing congestion issues

OpenSea has announced that it is moving its services to the Seaport protocol. According to the biggest NFT marketplace in the sector, the protocol will provide platform users with some of the best range of services. Asides from reduced transaction fees, the platform has also hinted that users will be able to buy out an entire collection instead of pieces of it. NFTs have become popular in the market following the mad rush it witnessed two years ago.

OpenSea lays out the benefits of Seaport

According to OpenSea, traders will also be excused from paying the usually mandated initialization fees with more perks in terms of signature coming soon. In the statement by the NFT marketplace, users who choose to use the marketplace will have more than 35% of their gas fees shaved off during transactions. According to recent statistics, this will mean that users on the platform can eliminate about $460 million from the entire has fees that the platform charged last year.

Also, removing fees charged for setting up would see more than $120 million shaved off. Although Ethereum has been holding the fort in the sector over the last few years, the network has been overly congested due to more traders in the industry. According to records, the influx of celebrities has also been one of the main reasons for this.

Ethereum facing congestion issues

Users of OpenSea have also recorded losses as a result of failed transactions which can be blamed on the mammoth amount of transactions on the platform every second. Aside from those, the platform seems to be doing well as the price of transactions has steadied over the last few weeks. According to statistics, the amount charged for gas on Ethereum has drifted below $100 for the first time in weeks compared to the over $100 that is usually charged.

OpenSea will also allow users to buy as many NFTs as they want and pay for them in a single transaction. This will rid the platform of congestion, among other delay issues. OpenSea also mentioned that it does not hold control over the protocol as it is just building on it. The platform also hinted that it is currently looking for experts to fill specific positions despite the harsh market downturn forcing companies in the sector to lay off workers.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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