OpenSea announces its migration to the Seaport protocol
On Tuesday, OpenSea, the most popular marketplace for non-fungible tokens, or NFTs, by trading volume, announced that it was migrating to Seaport. Among the many benefits, the protocol says it will feature lower gas rates, the ability to bid on entire collections, the elimination of new account initialization fees, and easier-to-use signing options.
According to OpenSea account, users would pay 35% less for gas fees when making transactions at Seaport. Based on 2021 data, it would mean an estimated total savings of USD 460 million (138,000 ETH). Additionally, removing the setup fee would potentially deliver $120 million (35,000 ETH) a year in additive savings.
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The year before, the Ethereum network was periodically congested due to the famous NFT drops on OpenSea, with users reporting losses from failed transactions. However, gas prices on the network have stabilized lately. Average Ether gas prices tracked by YCharts have fallen to $95.86 compared to peaks of hundreds of dollars in 2021.
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