Tuesday, September 19, 2023
HomeOpenseaNFT Users To Save Almost $580M In Yearly Fees As Opensea Launches...

NFT Users To Save Almost $580M In Yearly Fees As Opensea Launches Enhanced Web3 Protocol ⋆ ZyCrypto


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On Tuesday, OpenSea announced the move to Seaport. This is a new and more advanced web3 marketplace protocol designed to make NFT transactions easier and cheaper for users.

According to the announcement, the new platform will be a game changer for NFT traders. Help them save a lot of gas bills.. Most of OpenSea’s tariffs were used to cover gas costs under the Wyvern protocol, but the new platform is expected to reduce gas tariffs by about 35%. Therefore, OpenSea expects the new platform to save a total of approximately $ 460 million in gas charges annually.

In addition, under Seaport, new users will be exempt from paying the one-time setup fee, which was synonymous with the old OpenSea platform. “”By removing just the setup fee, the OpenSea community can save about $ 120 million annually (35,000 on ETH). “ Please read the announcement.

However, according to the OpenSea website, new users may have to pay a one-time gas fee for Seaport to be able to interact with the item. In addition, first-time users considering listing in an auction must approve WETH (wrapped ETH) for use. WETH is an ERC-20 token that allows users to place pre-approved bids and execute them at a later date without any additional action from the bidder. With the new protocol, once the user completes the above adjustments, they do not have to pay any additional costs to list the NFTs, they only need to sign.

The new protocol also allows users to tip creators and list NFT collection offers together. You can also make trait offers on collections with specific attributes. The OpenSea team is also planning to launch additional features on the new platform, including allowing authors to define rates on the chain for each item using multiple payment addresses.


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First introduced last month, Seaport is designed not only to benefit traders, but also to accommodate NFT creators and builders. The protocol is essentially on a decentralized, open source core smart contract that allows builders to optimize projects and unlock previously impossible use cases. As a context, OpenSea does not control or manipulate the Seaport protocol. This is just one of many protocols built on top of this shared protocol.

OpenSea World’s Largest Non-Fungible Token “NFT” Marketplace Depends on the volume of transactions with more than 1.5 million users. Since its launch, $ 31.09 billion worth of assets have been traded on the platform, according to DappRadar data.

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