Earlier this week, OpenSea moved from its former web 3 protocol to a new protocol known as Seaport. Seaport is a web3 marketplace protocol specially designed to make transactions cheaper and faster.
As per speculations, the new protocol would be the next big thing for NFTs traders on OpenSea. This is because it helps users to save more funds as it has a low gas fee.
Seaport Protocol Saves $580M Annual Fees
According to records, OpenSea’s former protocol, Wyvern Protocol consumes most of the fees charged on the marketplace. However, with the new protocol, Seaport, gas fees would be reduced by a cut of 35% on every transaction on OpenSea.
Generally, this would help to save about $460M that would have been used as a yearly gas fee on the former protocol.
Additionally, the formal protocol requires new users to pay a one-time setup charge. However, that is no longer relevant as Seaport allows new users to set up their accounts free of charge.
Calculative, users pay about $120 million annually as a setup fee alone. Henceforth, users can now save more money as setup fees have been scrapped.
However, OpeanSea’s post stated that new users have to pay a one-time fee to enable Seaport to explore their assets. Additionally, users who want to auction their items for the first time would need Wrapped ETH.
With the ERC-20 token, users can pre-order bids for future dates. Once new users have successfully paid the two aforementioned fees, they have nothing to pay again. Listing NFTs would only require their signature.
Under Seaport protocol, users can list and offer NFT collections with unique traits and attributes in large quantities. Additionally, NFT creators can receive tips from users on the new protocol.
The OpenSea team has integrated new features to their platform under Seaport. The new features enable creators to state their charges per product with several payout wallets.
New Protocol Would Benefit Both Traders And Creators
According to reports, Seaport was specially created to make NFT transactions easier, faster, and cheaper for both traders and NFT creators. The Seaport protocol is an open-source decentralized platform built on Ethereum smart contract.
Therefore, it allows creators to build projects with multiple unique utility cases. Furthermore, OpenSea is not going to interfere with the operation of the Seaport protocol as it is decentralized.
Additionally, OpenSea is just one out of the numerous projects built on the protocol.
At the moment, OpenSea still holds the record for the most traded volume housing about 1.5M customers. Statistics showed that about $31.09 worth of assets had been traded successfully on the marketplace.