Opensea announced that on Tuesday it was migrating from Wyvern to Seaport. Seaport will be an open source Web3 marketplace. Opensea claims that the Seaport protocol migration to the Wyvern protocol will reduce network fees by 35% and users won’t have to pay an initialization fee.
Opensea Migrates From Wyvern to Seaport: ‘A Foundation to Empower the Developer Community’
Opensea has moved to Seaport to provide a better NFT marketplace experience to users. Opensea’s development team explains that this migration will significantly reduce gas prices. Seaport is expected to reduce fees by 35%. It will also offer a variety of additional features, including zero initialization fees. Opensea shares that certain actions can now be confirmed by signing, as well as other features.
Opensea, in a blog post about Seaport, states that although the NFT Marketplace is the first one to benefit from Seaport the company encourages all developers to make use of it. “What we’ve really built is a foundation to empower the developer community to work together on this primitive. Opensea does not control or operate the Seaport protocol — we will be just one, among many, building on top of this shared protocol,” the company’s blog post notes.
Opensea’s Seaport summary adds:
Seaport contracts focus on efficiency, and have a large amount of low-level assembly codes. We’ve included a reference implementation that replicates the functionality of the optimized contract without any assembly code to enhance readability.
Opensea Leads the NFT Marketplace Competition With $31 Billion in All-Time Sales — Seaport Audited by Openzeppelin and Trail of Bits
Opensea, with $31.09 Billion in all-time sales according to data from dappradar.com stats, is the largest NFT marketplace. Opensea boasts 1,801,409 traders, with an average NFT market price of $641.36. NFT sales are dropping rapidly in recent weeks. Overall NFT market sales for the ecosystem have fallen 30.40% over last week.
During the past 24 hours, Opensea’s sales volume dropped 11.36% as the current crypto bear market has not been friendly to the NFT ecosystem. Opensea’s Seaport blog post explains that during the early development process, Openzeppelin performed a security review. When Seaport was near complete, Opensea’s Seaport summary details Trail of Bits conducted an audit of the protocol.
Let us know your thoughts on the NFT marketplace Opensea’s migration to Seaport. Please comment below to let us know your thoughts on this topic.
Image creditShutterstock. Pixabay. Wiki commons. Editorial credit: FellowNeko
DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of companies, products or services. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.
