OpenSea Migrates To Seaport Protocol To Cut Transaction Fees

JAKARTA – The popular NFT marketplace, OpenSea, intends to cut the high transaction fees on its platform. To realize its plan, OpenSea migrated to the Seaport Protocol.

OpenSea developers claim the migration can cut gas fees by 35 percent and add a number of other features such as free account initialization. The signature feature to confirm certain actions has also been improved, reports Bitcoin.com.

In a statement from the official OpenSea blog, they said that while the NFT marketplace was the first to take advantage of Seaport. The NFT trading platform also invites the developer community to take advantage of it.

“What we are really building is the foundation to empower the developer community to work together on this humble network. Opensea does not control or operate the Seaport Protocol — we will only be one, among many, building on this shared protocol,” reads the statement from the OpenSea blog.

Furthermore, OpenSea states that the Seaport Protocol emphasizes efficiency and has a simple code. The protocol is claimed to be able to optimize smart contract functionality and readability.

According to Dappradar records, currently the NFT trading platform OpenSea is still leading the NFT market with digital asset sales of USD 31 billion. The metric further details that Opensea has recorded a total of 1.801.409 NFT traders and the average price in the NFT market is USD 641.36.

Even so, NFT sales have fallen significantly in recent weeks following the collapse of the crypto market. Overall, NFT sales decreased by 30.40 percent last week. Meanwhile, in the last 24 hours, NFT sales on OpenSea fell by 11.36 percent.