Launching Seaport & Saving the Community Millions in Fees
Today, OpenSea is migrating to Seaport, a new web3 marketplace protocol designed for safely and efficiently buying and selling NFTs. Seaport is a game changer – it’s open source, inherently decentralized, and a modern foundation that will help us (and any teams using it) build and release new features more quickly.
We’re excited to be one of the first marketplaces using it; and at launch, you’ll start to notice a few major improvements on OpenSea:
- Significantly lower gas costs
- The ability to make offers on entire collections or on multiple items with specific attributes (traits)
- New OpenSea users will no longer have to pay an account initialization fee (proxy deployment)
- Signatures to confirm actions using your wallet will be much easier to read and understand. For more information on ‘typed signature requests,’ please see our help center article.
You’ll save an estimated 35% in gas fees for transactions using Seaport. Based on last year’s data, that would amount to more than $460m in total savings (138k in ETH)!* Plus, new users won’t have to pay a one-time setup fee (proxy deployment) to use OpenSea. By removing the setup fee alone, the OpenSea community could save almost $120m each year (35k in ETH).
Seaport is designed to be more gas efficient and flexible compared to other web3 marketplaces. The protocol developers worked in Assembly to optimize transaction efficiency. Here is a table summarizing some of the gas savings for different types of transactions.
To see lower gas fees when selling or transferring NFTs, you’ll need to approve collections (token addresses) — but this is a one-time cost per collection, and no existing listings will be affected by the migration.
Collection Offers (by Attribute)
Seaport also allows us to quickly build new features that were previously impossible.
Starting today, you can make Collection Offers, which are offers on all items in a collection. You can also make Attribute Offers, offers on a group of items with specific attributes. To start, Attribute Offers will only be available for the top 100 collections (by 30-day volume on OpenSea).
We also now show the % rarity, the floor price, and the highest offer – all filtered by attribute, so you have better information to decide how much to offer. In the future, we plan to allow creators to opt into collection offers with attributes but this is still under development.
Thanks to Seaport, we’ll be able to more quickly launch new features – like bulk listings – that will give you the ability to purchase many NFTs in a single transaction. Real-time creator fees will be available for multiple recipients if they meet the criteria for creator fees. Creators will also be able to define their fees on-chain on a per-item basis with multiple payout addresses.
We’re always looking for new ideas to improve the OpenSea experience, so join the community on Discord or track us on Twitter and Instagram if you want to share your thoughts. And if you’re interested in building new and innovative features to empower the future of NFTs, we’re hiring across the board.
We’re excited about the journey ahead, and we hope you’ll join us. It’s time to build.
*Estimate calculated by adding up 35% savings on successful purchase transaction gas fees and total gas fees paid for proxy deployment transactions on OpenSea from May 2021-May 2022.