Leading NFT marketplace OpenSea has announced its migration to the Seaport protocol, and has also introduced new security features to protect users from illegitimate and malicious activity on the platform.
First and foremost, the platform believes that its migration to the Seaport protocol can see users save 35% on gas fees due to its optimised transaction efficiency. On an annual scale, that will reap savings of 138,000 ETH ($460 million).
Through building on top of the Seaport protocol, initialization fees for new accounts will be removed (which is estimated to render annual savings of around 35,000 ETH), users will be given the ability to make single-transaction offers on entire collections, and on-chain fees will be defined on a per-item basis.
The platform’s most predominant new security feature sees suspicious NFT transfers be automatically hidden on the marketplace, meaning users can avoid scams by only being exposed to legitimate listings. This measure will also help prevent scams which involve malicious third party links being embedded within NFT transfers.
To continue its developments within user security (an area which it has came under scrutiny for given the array of NFT scams that have recently taken place), OpenSea will also begin making substantial investments in a variety of important areas for trust and safety. That includes theft prevention, IP infringement, scaling review and moderation, and reducing critical response times in high-touch settings. To aid this endeavour, OpenSea has established a special team to handle ‘review and moderation’ procedures, and has also developed ‘auto-detection’ technologies for dealing with copyright concerns and other fraud vectors.
