Cryptocurrency News

OpenSea announces migration to Seaport protocol

06/15/2022

Less than a minute

2022.06.15 19:21

OpenSea announces migration to Seaport protocol

On Tuesday, OpenSea, the most popular nonfungible tokens, or NFTs, marketplace by trading volume, announced that it was migrating to Seaport. Among many perks, the protocol says it will feature lower gas fees, the ability to make offers on entire collections, removal of new account initialization fees and more user-friendly signature options.

As told by OpenSea, users would pay 35% less for gas fees when transacting on Seaport. Based on data from 2021, it would amount to an estimated $460 million (138,000 ETH) in total savings. In addition, the removal of the setup fee would potentially result in $120 million (35,000 ETH) per year in additive savings.

06/15/2022

Less than a minute

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