On Tuesday, OpenSea, the most popular nonfungible tokens, or NFTs, marketplace by trading volume, announced that it was migrating to Seaport. Among many perks, the protocol says it will feature lower gas fees, the ability to make offers on entire collections, removal of new account initialization fees and more user-friendly signature options.
As told by OpenSea, users would pay 35% less for gas fees when transacting on Seaport. Based on data from 2021, it would amount to an estimated $460 million (138,000 ETH) in total savings. In addition, the removal of the setup fee would potentially result in $120 million (35,000 ETH) per year in additive savings.
The year prior, the Ethereum network became periodically congested due to celebrity NFT drops on OpenSea, with users reporting losses due to failed transactions. However, gas prices on the network have stabilized as of late. Average Ether gas prices tracked by YCharts have fallen to $95.86 compared to spikes of hundreds of dollars in...
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