Wednesday, September 27, 2023
HomeOpenseaOpenSea says its latest update could ‘significantly’ lower fees

OpenSea says its latest update could ‘significantly’ lower fees

High seas Announced What the user buys and sells Non-substitutable token (NFT) With that platform, prices could be reduced by about 35%. This is due to the fact that the company is upgrading its market-supporting protocols and moving to a platform called Seaport to handle transactions. Offering lower gas prices may be a way for OpenSea to differentiate itself from other competing NFT marketplaces ( Not always successful). However, this change will occur at a tough time throughout the crypto market.

Seaport is an OpenSea open source project announced last month, and according to the company, it is significantly more efficient than previous systems when it comes to processing blockchain. (( Announcement of Seaport According to OpenSea, first-time sellers will no longer have to pay initialization fees ranging from $ 50 to $ 450. This is in addition to reducing transaction fees.

Charges that are excluded or reduced are Gas charges, OpenSea is neither managed nor profitable. Instead, they are the cost of activities on the blockchain like Ethereum and polygons. The crypto you pay for gas charges goes to the miner who is responsible for making sure your data is on the blockchain. The more data you want to write or the more actions you want to perform, the more gas you have to pay. The cost of that gas depends primarily on how busy the blockchain is. The more people try to pay for a transaction, the more you will have to offer to make sure your transaction is to be executed.

In the case of the NFT marketplace, users pay a lot of money to NFT as well as the selling price. That’s still true, but those charges should be at least cheaper. As I write this, the gas charge for buying an NFT on the Ethereum blockchain using OpenSea is about $ 10. Functor Labs calculator site.. Again, that number depends on a number of factors, including the price of Ethereum (which is declining throughout the week, which we’ll discuss in more detail in a second).

OpenSea says gas cost reductions will not be universal soon. Please note that if you need a lower fee when selling or transferring NFTs in that collection, the seller will have to pay a one-time fee for each collection that approves the use of the new protocol. .. (Collections are a way to group NFTs for sale. For example, Bored Ape Yacht Club NFTs are all in one collection.) For sellers who have all NFTs in one collection. This may not be a big deal. However, if you have dozens of collections, it can be costly.

OpenSea also promises that the transition will bring new features in addition to price reductions. Buyers will now be able to make offers across NFT collections, and the marketplace has what’s called a “trait offer” where you can bid on all NFTs in a collection with a particular attribute. For example, you can put a special offer on every boring monkey with pink fur. According to OpenSea, this will only be available in the “Top 100 Collection”, which currently uses static attributes.

The company hopes that the upgrade to Seaport will allow other features to be introduced at a faster pace. The big question now is whether it’s a new feature that comes to mind, or is it cheap enough to raise interest in NFTs?As Cryptographic markets are generally losing valueNFT sale Depressed At OpenSea and other marketplaces. Gas prices may have been useless, but it’s hard to imagine that gas prices are the root cause of people who are starting to lose interest in NFTs.

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