Polygon Support on Seaport: Opensea New Feature

Polygon Support on Seaport
Polygon Support on Seaport

Global NFT marketplace Opensea announced that Polygon was integrated into Seaport. Let us know more about the addition of Polygon support on Seaport. And also the reasons behind it. 

Opensea Introduces Polygon Support on Seaport!

On 31st August, NFT Leader Opensea announced that it will begin using Seaport for all new listings and offers on Polygon. Holders of Polygon’s native coin (MATIC) will be able to list and purchase using the token on the NFT platform. They made the announcement through twitter. They shared new features to its twitter followers. Also it promised to give more new features in future.

 

Why did Opensea introduce Polygon Support on Seaport?

In a blog Opensea mentions the following reasons;

  • In order to offer a more stable purchasing and selling experience that matches with other chains.
  • The change will speed up the implementation of new features across all EVM-suitable chains.

Opensea admitted that the current changes were made in an effort to reduce the cost of Ethereum gas. As well as to simplify the reading of signature confirmation activities. Also, to remove the requirement for new users to pay an initial setup charge.

Opensea also said that they will also be introducing support for Klaytn and other EVM-suitable chains, in the coming months.

 

New features in addition to Polygon support on Seaport:

  • No listing thresholds
  • Bulk Transfers
  • Purchasing for another wallet
  • Multiple creator fees
  • Collection & attribute offers 
  • List as bundles 
  • English and Dutch auctions
  • Native token support

These are the Opensea’s several brand new features. Let us know more about these new features.

No Listing Thresholds:

Opensea has removed the $5 minimum. And also, Polygon NFTs can now be listed and purchased for any amount. Now there will be a $1 minimum for offers. It is introduced to further stop low-intent offers.

Bulk Transfers:

The users are allowed to send several Polygon NFTs to the same wallet at once. (in a single transaction)

Purchasing for another wallet:

Customers can buy for another wallet. E.g., hardware or multisig wallet. Or a gift for a friend.

Multiple creator fees:

Up to 4 payout addresses can be specified by creators for immediate payments.

Collection & attribute offers:

Collection offers will be available for most of Polygon NFT collections. (deals on each item in the collection). And also, Creators can enable attribute offerings. (offers for all items in a collection that match the requested attribute).

List as bundles:

Polygon NFTs can be listed by sellers as bundles. As well as they can be bought together.

English and Dutch auctions:

This feature will make both English (descending bid) as well as Dutch (ascending bid) auctions available to sellers.

Native token support:

Opensea enables buyers and sellers to list and transact in Polygon’s native coin ‘MATIC’ (as a payment option). Anyone who transacts on Polygon – through OpenSea, must cover their own gas costs while using ‘MATIC’.

Why did Opensea introduce Seaport?

In June, Opensea announced that it is launching seaport for saving the community millions in fee. Seaport is open source. Notable lower costs is its key feature.

Opensea claimed that Seaport is “on average Seaport is 34.8% more cost effective than Wyvern Protocol”. It also claimed that switching to Seaport would result in annual fee savings of $460 million.

 

Conclusion:

Opensea has given the promised update for its users. New features will help the users in the coming days. New features are looking promising. Not to forget these features are also cost effective . This will make the platform more stable.

Thank you, please visit our Editorial to read about more such interesting articles.

And also, read our article on Types of NFTs.

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