The most popular marketplace for Non Fungible Tokens (NFT) – opensea – recently migrated to seaport. Seaport is a new decentralized NFT marketplace protocol that allows you to purchase NFT efficiently. Beyond this Seaport is also a platform that allows individuals to build an NFT marketplace.
Unique Features of the Seaport Protocol
The seaport protocol has certain features that make it unique and distinct from other NFT marketplaces. These features include:
Various Trading Options
When using the open sea platform, you can only purchase NFTs using fungible tokens such as ETH or USDC.
On the other hand, the seaport protocol provides users with various trading options.
For example, seaport allows you to exchange or trade one NFT for another, and make transactions using ETH or any other ERC20 token. You can also make use of the ERC-721 or ERC-115 format.
This will enable NFT platforms to generate more liquidity and also make transaction processes easier.
Seaport Protocol has Reduced Transaction cost
According to Opensea, the migration to seaport protocol will significantly reduce the cost of transactions in gas fees by 35%.
From the analysis in 2021, switching to seaport will enable the company to save about $460 million annually an equivalent of 138K in ETH.
Seaport allows the optimization of gas and it is more efficient when compared to other marketplaces. To reduce your gas fee, you will have to approve your collection and only pay once for each collection.
Also, with the migration to seaport, users will not be required to pay an account initialization fee which means you can now create an account for free on the open sea platform.
Setting up Collection Offers
With seaport, you can now make or set up collections. If you want to purchase an NFT from an NFT collection and you are unsure of which NFT to buy, you can decide to set up a collection offer.
To do this, you will have to choose an attribute or a trait that you want from the NFT collection. And then set up a collection offer that will apply to all the attributes in the collection.
Rather than making an offer on every NFT in a collection. You can set up an offer to choose one NFT with the attributes of all the NFTs in that collection.
The migration of opensea to seaport has helped to improve the features of the organization.
Users can now purchase multiple NFTs in a single transaction and also the cost of transaction is also reduced.
It is important to note that the seaport marketplace protocol is not just available to opensea alone. Therefore, creators and builders of NFTs can join the marketplace and equally enjoy all the benefits.