Because of a newly implemented protocol, consumers of OpenSea have the potential to save more than $120 million annually (35 thousand ETH).
OpenSea just introduced a brand new platform known as Seaport, which allows users to trade non-fungible tokens (NFTs). Seaport was developed by OpenSea.
Let’s begin with the highlights of this new protocol’s excellent characteristics:
In order to facilitate quicker completion of financial transactions, the new OpenSea protocol makes use of Assembly. The prices should be equivalent to those of already established Web3 markets, but they should be more flexible and consume less gas than current marketplaces.
In the past, everyone who desired to make use of OpenSea was required to shell out a one-time fee that was referred to as proxy deployment (a few days ago). Customers may be able to save as much as 35% on their gasoline costs by using Seaport. They might potentially save over 120 million dollars annually as a result of this (35k ETH).
The information in the following table illustrates how Ethereum (ETH) and Wrapped Ether (WETH), an ERC-20 token on Ethereum with a price proportional to ETH, save a large amount of gas when compared to other cryptocurrencies.
Another potential benefit is that OpenSea may use Seaport to build features that were not viable in the past.
You may either put in an offer under “Collection Offers” or bid on the whole lot.
Additionally, the idea of “Attribute Offers” may now be implemented successfully. You have the opportunity to place bids on a wide selection of things that all have the following qualities: (rarities). Establishing a perception of scarcity through the use of one-of-a-kind, non-fungible tokens that cannot be split up or exchanged for other tokens might lead to greater profits.
Customers have the opportunity to get further knowledge about the market by studying the market’s rarity, floor price, and highest offer ratio before making a decision regarding whether or not to buy a collection.
At this time, attribute bonuses can only be awarded to the top 100 collections (determined by total volume over the preceding 30 days). That is going to change very soon.
OpenSea plans to introduce new services, such as bulk listings, which will enable customers to buy several NFTs in a single transaction. These new services are part of OpenSea’s expansion plans. As a direct consequence of this, transaction fees will be reduced, and producers will have the ability to set their own prices using the blockchain.
Join the secondary market’s Twitter and Discord channels to ensure that you are always informed of the most recent developments concerning OpenSea. You might also notice several ways that the functionality of the user interface could be improved.
What do you think about this huge change? Let us know in the comment box below.