OpenSea’s Seaport Protocol Now Supports Polygon (MATIC)

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Blockchain
OpenSea’s Seaport Protocol Now Supports Polygon (MATIC)

OpenSea, the world’s first and largest NFT marketplace, announced on August 30, that layer two scaling solution, Polygon (MATIC) will be included in the new Seaport Protocol. The protocol was built on the Ethereum network and was unveiled in June 2022, as a web3 marketplace protocol for safely and efficiently buying and selling NFTs.

 OpenSea x MATIC, What to Expect

 “Starting today, we will begin using Seaport for all new listings and offers on Polygon!” OpenSea tweeted. “We’re excited to start using Seaport across multiple blockchains to improve the experience for everyone on OpenSea.”

When OpenSea launched Seaport in June 2022, it was developed to “create a better, more feature-rich experience” for the OpenSea community, simultaneously lowering the cost to use Web3 marketplaces.

With the Integration of the Polygon network, there are some exciting changes in stock with the most important one being that users of the Seaport protocol will be able to use the Polygon (MATIC) cryptocurrency on all transactions on OpenSea.

 “As part of the shift to Seaport, OpenSea now supports using $MATIC, Polygon’s native token, as a payment option,” OpenSea continued. “Anyone transacting on Polygon using OpenSea will now be required to pay for their gas fees for transacting using $MATIC.” Sellers can also list Polygon NFTs as bundles that can be purchased together. 

 Other new features include:

●     No listing thresholds

●     Native token support

●     Multiple creator fees

●     Collection and attribute offers

●     English and Dutch auctions

●     Bulk transfers

Seaport Protocol to Enhance NFT Trade

The Seaport protocol operates quite differently compared to other NFT marketplaces. For example, OpenSea now uses an “offer & consideration” mechanism instead of a peer-to-peer transaction. 

This means that there is a specialized transaction where buyers have the leeway to 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.”

 35 Percent  Gas Fee Savings

 OpenSea earlier revealed in a tweet that one of the main reasons prompting the switch to Seaport protocol was the need to cut down on the high Ethereum gas fees, make signature confirmation actions easier to read, and remove the need for new users to pay an account initialization or setup fee. 

According to OpenSea, this move alone will help the OpenSea NFT community save up around $120 million per year, with these numbers set to increase as both OpenSea and its community are eagerly anticipating the imminent ETH merge.

 The protocol stated that they weren’t done yet with the addition of support for Klaytn and other EVM-compatible chains in the coming months.

 With the uncertainties surrounding the crypto market decline, so many top projects including OpenSea are actively looking for ways to switch to a more cost-effective and environmentally friendly way of production and maintenance, the biggest NFT marketplace can effectively save costs and give users a more satisfactory experience with the Seaport protocol. At press time, Polygon’s native MATIC token is trading at around $0.82.

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Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.