Users can save 35 percent on gasoline costs, according to the company, by optimizing transaction efficiency.
On Tuesday, OpenSea announced that they were moving to Seaport. While existing account creation and maintenance costs will go down, the protocol promises lower gas expenses, the ability to make offers on entire collections, the elimination of new account setup fees, and more user-friendly signature choices.
According to OpenSea, consumers would save 35 percent on gas costs by using Seaport. It would reduce annual healthcare expenditures by about $460 million (138,000 ETH) in 2021 according to projections derived from data for that year. In addition, the removal of the fee would result in $120 million (35,000 ETH) in annual profit.
The Ethereum network became clogged up on a regular basis due to celebrity NFT drops on OpenSea in 2017, with users reporting losses as a result of failed transactions. Although gas costs on the network have recently leveled off, they were quite high at one point. According to YCharts, average Ether gas prices have fallen to $95.86, compared to hundreds of dollars in 2021.
OpenSea also revealed features such as the ability to make numerous NFTs purchases in a single transaction, providing real-time creator fees to many users, and on-chain per-item costs. The Seaport’s developers, in Assembly to improve transaction efficiency, used the same basic structure as previous ones.
According to OpenSea, it does not run or control the Seaport protocol and instead extends on top of it. In addition, the business said that it is “still hiring across the board” in its concluding remarks. This is in stark contrast to large rounds of layoffs by several cryptocurrency businesses, including most recently BlockFi and Coinbase.