Share this article
OpenSea Migrates to Seaport Protocol in Bid to Lower Transaction Costs
The NFT marketplace says the move to the open source protocol could reduce gas fees by as much as 35%.
By Eli Tan
Updated May 11, 2023, 4:20 p.m. Published Jun 14, 2022, 6:44 p.m.
Leading non-fungible token (NFT) marketplace OpenSea is revamping its back end and moving from the Wyvern protocol to its self-developed Seaport protocol, the company announced in a Tuesday blog post.
OpenSea says the switch could significantly reduce transaction costs on the platform, lowering "gas" costs by “about 35% based on last year’s data,” according to the blog post. The company estimates the switch will save users $460 million in the next year.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“Seaport is a game changer, it’s open source, inherently decentralized and a modern foundation that will help us (and any teams using it) build and release new features more quickly,” OpenSea said in the post.
OpenSea first announced it would eventually be building on top of Seaport at the end of May. While OpenSea created the first version of Seaport, it said the protocol is open source and meant to be used by all builders, creators and collectors of NFTs.
Sellers on the platform will have to pay a one-time fee per collection to sell NFTs on the platform using the new protocol.
In addition to lowering gas costs, moving to Seaport will allow OpenSea to eliminate initiation fees, let users make offers on entire collections and make its wallet signatures “easier to read and understand.”
Improving signature clarity is presumably a security measure, meant to quell the rise of phishing scams that have stolen millions of dollars of NFTs in the past year.
Read more: US Charges Ex-OpenSea Exec With NFT Insider Trading
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
