OpenSea migrates to Seaport! Reducing transaction fees by 35%, offering single-price quotes for projects and specific attributes

OpenSea launched the open marketplace protocol "Seaport" in May this year, allowing users to trade NFTs based on different cryptocurrencies and token standards. Today, OpenSea also announced that it will migrate to Seaport, enhancing the user experience in various aspects of trading.

Introduction to Seaport

The Seaport protocol, developed by OpenSea, aims to address the issue of limited quote token types offered by most NFT markets. Seaport will provide multiple quoting methods, including ETH / ERC20 / ERC721 / ERC1155 assets, facilitating a barter-style trading in the market.

Seaport is not limited to the platform but is applicable to all NFT developers, project issuers, and collectors. Future development work will be openly collaborated with the community and continuously integrated into various applications.

Reducing OpenSea Transaction Fees

Today, we're officially moving to the Seaport protocol!

We estimate the new contract will save $460m + in total fees each year. But, that’s not all 👀 Let’s go through the updates… https://t.co/89B1FJARnl

— OpenSea (@opensea) June 14, 2022

After migrating to Seaport, OpenSea will bring significant improvements, such as making transactions more cost-effective.

According to OpenSea's announcement, using Seaport for transactions can save approximately 35% in Gas fees. Based on last year's data, this would save over $460 million or 138,000 ETH. Additionally, new users will not have to pay a one-time setup fee for proxy deployment and can directly use OpenSea.

Below are the percentages of Gas fee savings in different transaction scenarios, including buying NFT with ETH and accepting the buyer's WETH quote.

Diverse Quoting Methods

In addition to reducing transaction costs, OpenSea will also provide buyers the ability to quote for the entire project or even choose specific attribute quoting. Currently, the "Make collection offer" button can be found on the right side of the NFT project page for this purpose.

The "Choose attribute" field allows selection of preferred features, and the bidding screen also displays the current floor price and highest quote. However, the feature to quote for specific attributes is currently only available for projects within the top 100 in trading volume over the past 30 days.

The above are the significant updates brought by OpenSea's migration to Seaport, with the official team planning to roll out more features in the future. These include batch purchases, creator fee distribution to multiple addresses, and more.