OpenSea NFT Marketplace Onboards Polygon (MATIC) into Seaport Protocol

OpenSea, the leading marketplace for all types of NFTs, announced today that the prosperous Polygon (MATIC) network will be included in the marketplace’s brand new Seaport Protocol. The protocol saw the light of day in June, as OpenSea decided to switch to a more energy-efficient way of maintaining their marketplace, along with some extra features.

Seaport Welcomes Aboard Polygon (MATIC) – What To Expect?

As the new Web3 protocol has already been tested on Ethereum (ETH) blockchain, the extra features and a relatively low cost of maintenance proved the protocol to be beneficial on other blockchains too. Therefore, some big changes are coming to OpenSea with the integration of Polygon (MATIC). The most important one is being able to use the Polygon (MATIC) cryptocurrency on all transactions on OpenSea. Other new features worth mentioning include:

Moreover, the Seaport protocol works differently than most NFT marketplaces. For instance, OpenSea now uses an “offer & consideration” mechanism instead of a peer-to-peer transaction. This creates an advanced deal where buyers can supply any agreed amount of digital items in Ethereum (ETH) or ERC20, ERC721, and ERC1155. For the deal to go through, the receiver must accept the items indicated by the buyer; this step is called “the consideration.”

$460M of Fees Erased Thanks to Seaport NFT Protocol

Furthermore, OpenSea revealed that one of the reasons behind the switch to Seaport protocol was the high Ethereum (ETH) gas fees. As the second largest crypto asset is waiting for the highly anticipated ‘The Merge’ upgrade, compared to the current network setup it would save a whopping $460 million in fees annually.

Easier to read transaction confirmations are great, but for those who haven’t registered on OpenSea yet, the news is even better: new users won’t have to pay the initialization fee. According to OpenSea, this move alone will help the renowned NFT community save up around $120 million per year.

On the Flipside

Why You Should Care

With many crypto & blockchain companies aiming to switch to an eco-friendly, cost-effective way of maintenance, OpenSea is leading the way in the NFT market. The most popular NFT marketplace of all time can add millions to the total market capitalization if the move proves to be successful.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.