OpenSea ports to a new protocol to cut Ethereum gas fees

NFT marketplace OpenSea has moved to a new smart contract, the “Seaport Protocol.”

OpenSea says the new protocol will allow its 1.8 million users to save money on Ethereum gas fees.

With the Seaport contract, users will be able to save roughly 35% on gas, OpenSea said.

New accounts will no longer require that one-time “setup fee” OpenSea previously charged.

NFTs are blockchain-based tokens that show ownership over digital or physical assets while gas fees are essentially transaction fees, and they can rise quickly during periods of high demand.

OpenSea used to bank on the less-efficient Wyvern protocol, which was also leveraged by attackers back in February in an off-platform phishing scam to siphon $1.7 million from traders.

Seaport is an open-source and decentralized protocol that has been audited by Web3 security firms OpenZeppelin and Trail of Bits. It has been engineered to allow users to include multiple items per on-chain transaction and isn’t exclusive to OpenSea.

As OpenSea moves to Seaport, it’s worth noting that offers and listings will no longer be able to be added to the Wyvern protocol after June 21.

By July 13, OpenSea will stop fetching Wyvern contract data, meaning that listings created on the Wyvern contract will no longer be visible on the site.