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Ronald Maguire

15 June 2022 178 Read Crypto , NFT

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OpenSea Switches to Seaport Protocol

OpenSea, the world's largest volume NFT marketplace, has moved to Seaport. Seaport is a protocol that provides greater efficiency and security during NFT trading. With the new protocol, approximately 35% lower gas fees will be paid for transactions made on OpenSea.

Gas fees paid at OpenSea in 2021 cost a total of $1.3 billion. New users on the platform will no longer pay a one-time setup fee, either. Even removing the account initiation fee means savings of more than $120 million each year for OpenSea users. The protocol will cover all NFT developers, creators and collectors.

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