OpenSea rolled out advancements: cheaper fees and more security
OpenSea announced its move to a new marketplace protocol called Seaport. With the transition, the largest NFT marketplace aims to provide users with improved safety features and efficiency for NFT trading on the platform.
The Seaport protocol will provide lower gas fees, which means users could save around 35% on transaction costs. According to the marketplace’s data, the reduced fees could save users up to $460 million yearly. In addition, new OpenSea customers won’t need to pay an account set-up fee. Without the initialization cost, users could save approximately $120 million a year.
An additional feature that the Seaport protocol introduces is the option to make offers across an entire collection or buy multiple different, selected NFTs all at once. For instance, if a collector wants to buy any Moonbird on OpenSea, they can simply make an offer and see if any Moonbird holder is interested. Also, the buyer can specify particular traits they are looking for in an NFT. Additionally, NFT creators will soon have the option to set up several payout addresses on the platform.
OpenSea also added a feature that hides suspicious transactions from view. The advancement should limit scammers’ attempts to entice users to click on malicious links, thus reducing the number of thefts.
“Unexpected transfers will always exist on public blockchains — and while we can’t block them from your wallet entirely, we can help prevent you from seeing them (and thus avoid interacting with them) on OpenSea,” Devin Finzer, the CEO of OpenSea, wrote on Twitter.
The NFT-focused company is active in developing security features. Last month, the digital collectible marketplace introduced updates to the verification process to prevent NFT theft.
The leading NFT marketplace is one of the first to try out the new protocol built specifically for NFTs, which has an open-source and decentralized smart contract. You can learn more about the protocol here.
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
More articlesAgne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
