OpenSea, the leading marketplace for all types of NFTs, announced today that the prosperous Polygon (MATIC) network will be included in the marketplace’s brand new Seaport Protocol. The protocol saw the light of day in June, as OpenSea decided to switch to a more energy-efficient way of maintaining their marketplace, along with some extra features.
In June, OpenSea introduced Seaport — a brand new, open-source, #Web3 marketplace protocol for safely & efficiently buying & selling NFTs. Launched first on Ethereum, Seaport has helped create a more feature-rich experience at a lower cost. pic.twitter.com/9W8hqAF8gH
— Polygon – MATIC (@0xPolygon) August 30, 2022
Seaport Welcomes Aboard Polygon (MATIC) – What To Expect?
As the new Web3 protocol has already been tested on Ethereum (ETH) blockchain, the extra features and a relatively low cost of maintenance proved the protocol to be beneficial on other blockchains too. Therefore, some big changes are coming to OpenSea with the integration of Polygon (MATIC). The most important one is being able to use the Polygon (MATIC) cryptocurrency on all transactions on OpenSea. Other new features worth mentioning include:
- No threshold on listings
- Mass transfers
- Collection and attribution offers
Moreover, the Seaport protocol works differently than most NFT marketplaces. For instance, OpenSea now uses an “offer & consideration” mechanism instead of a peer-to-peer transaction. This creates an advanced deal where buyers can supply any agreed amount of digital items in Ethereum (ETH) or ERC20, ERC721, and ERC1155. For the deal to go through, the receiver must accept the items indicated by the buyer; this step is called “the consideration.”
Using Seaport on Polygon enables launching several new features on Polygon, including:
Collection and attribute offers
No listing thresholds
Multiple creator payouts
— OpenSea (@opensea) August 30, 2022
$460M of Fees Erased Thanks to Seaport NFT Protocol
Furthermore, OpenSea revealed that one of the reasons behind the switch to Seaport protocol was the high Ethereum (ETH) gas fees. As the second largest crypto asset is waiting for the highly anticipated ‘The Merge’ upgrade, compared to the current network setup it would save a whopping $460 million in fees annually.
Easier to read transaction confirmations are great, but for those who haven’t registered on OpenSea yet, the news is even better: new users won’t have to pay the initialization fee. According to OpenSea, this move alone will help the renowned NFT community save up around $120 million per year.
No setup fees:
In addition to saving ~35% in gas fees for transactions, you will no longer have to pay a one-time setup fee to start using OpenSea. By removing the setup fee alone, the OpenSea community could save $120m each year.
— OpenSea (@opensea) June 14, 2022
On the Flipside
- The NFT market suffered a major setback when BendDAO protocol was drained. The situation has resulted in over $55M worth of NFTs being liquidated.
- OpenSea had to lay off 20% of staff because of the unforgiving crypto winter.
Why You Should Care
With many crypto & blockchain companies aiming to switch to an eco-friendly, cost-effective way of maintenance, OpenSea is leading the way in the NFT market. The most popular NFT marketplace of all time can add millions to the total market capitalization if the move proves to be successful.