OpenSea Unveils Seaport 1.6 Update, Promises Up to 5% Gas Fee Reduction

Illustration of OpenSea's Seaport 1.6 update showcasing the new interface and features for improved NFT transactions.

[ad_1]

New Features for Enhanced Utility

Seaport 1.6 introduces ‘Seaport hooks,’ inspired by Uniswap v4 hooks. This groundbreaking feature aims to augment the utility and liquidity of NFTs by allowing developers to incorporate custom contracts directly into the Seaport protocol. These hooks act as order fulfillment plugins, streamlining the development of applications that leverage the unique properties of NFTs.

Reduced Gas Fees

Benefiting from the latest Ethereum Dencun update, Seaport 1.6 offers users a 5% reduction in gas fees for certain transactions. This enhancement is expected to make the NFT marketplace more efficient and cost-effective, with major EVM chains already adopting the new deployment.

Seamless Order Execution

The Seaport hooks functionality facilitates the seamless deployment and invocation of contracts by Seaport, ensuring efficient order execution. This feature allows NFTs to adjust their properties based on purchase conditions, such as price and volume, and enables the creation of bonding curves and price oracles for NFTs.

OpenSea transition to Seaport 1.6

OpenSea plans to migrate user orders to Seaport 1.6 on Monday, March 25, requiring no user intervention. Furthermore, from Monday, April 1, the OpenSea Developer API will exclusively accept Seaport 1.6 orders, leading to the gradual phasing out of Seaport 1.5.

OpenSea and the Seaport Working Group are thrilled to unveil Seaport 1.6 — the latest generation of the most advanced NFT marketplace protocol in the EVM ecosystem.
Seaport 1.6 introduces a new capability enabled by the recent Ethereum Dencun upgrade called Seaport hooks 🪝.… pic.twitter.com/EsdLebCq20
— OpenSea (@opensea) March 20, 2024

Expanding DeFi and NFT Interoperability

The integration of seaport hooks is set to enhance NFT sales by accessing liquidity from various on-chain sources. This development is poised to expand the possibilities for DeFi and NFT interoperability, introducing features like time-weighted average price (TWAP) oracles to the NFT sector.

OpenSea emphasizes that the introduction of hooks and the expansion of the Seaport ecosystem represent a call to developers and creators to innovate within the NFT space. The update arrives at a time when the NFT market is experiencing a downturn, highlighting OpenSea’s commitment to revitalizing the sector and offering new avenues for digital asset utility and liquidity.

[ad_2]

Source link