On Tuesday, Oppensea, the top non-fungible token (NFT) marketplace in terms of all-time sales, announced its transition to Seaport, an open source Web3 marketplace protocol. Seaport, and Opensea said the move from the Wyvern protocol to the Seaport protocol will reduce network fees by 35% and eliminate the need for users to pay an account initialization fee.
OpenC, Migrating from Wyvern to Seaport. Foundation to Strengthen Developer Community”
OpenSea is moving to the Seaport protocol to improve the NFT marketplace experience for its users. the OpenSea development team detailed that the transition will significantly reduce gas costs. by moving to Seaport, fees will be 35% reduction, zero account initialization fees, and many other features. The signature feature to verify certain actions has also been improved, Oppensea explained in a brief sent to Bitcoin.com News.
In ablog postexplaining Seaport, Oppensea said that while the NFT marketplace is the first to leverage Seaport, the company is asking the developer community to take advantage of it as well. What we’ve really built is a foundation for the developer community to be able to work together on this primitive,” he said. Open Sea does not manage or operate the Seaport protocol, but is just one of many that build on top of this shared protocol,” the company’s blog post stated.
Here is an overview of Open Sea’s Seaport.
Seaport’s contracts are designed for efficiency and contain a large amount of low-level assembly code. To improve readability, we have included a reference implementation that replicates the functionality of the optimized contract without the assembly code.
Opensea Leads NFT Market Competition, Achieves Record $31 Billion in Sales – Seaport Audited by Openzeppelin and Trail of Bits
According to statistics from dappradar.com, Oppensea leads the NFT market in all-time sales at $31.09 billion. The index further details that Oppensea recorded a total of 1,801,409 traders and that the average price in the NFT market is $641.36. However, NFT sales have declined significantly of late, with ecosystem-wide NFT sales down 30.40% from last week.
Over the past 24 hours, Openpensea’s sales volume has dropped 11.36% as the current crypto bare market is not friendly to the NFT ecosystem.Openpensea’s Seaport blog post explains that during the initial development process, Openzeppelin security review, explaining that when Seaport was nearly complete, Openseaport’s Seaport overview details Trail of Bits conducted aaudit of the protocol
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