OpenSea is one of the most popular NFT marketplaces in the world. This week, the firm announced that it was migrating to SeaPort. Among many perks, the protocol says it will feature lower gas fees, the ability to make offers on entire collections, removal of new account initialization fees as well as more user-oriented signature options.
According to OpenSea, users would pay 35% less for gas fees when transacting on SeaPort. Based on data from the last year, it would amount to an estimated $460 million (1308,000 ETH) in total savings. Also, the removal of the setup fee would potentially result in $120 million (35,000 ETH) per year in additive savings.
In 2021, the Ethereum network became periodically congested due to celebrity NFT drops on OpenSea, with users reporting losses due to failed transactions. Still, gas prices on the Ethereum network have stabilized as of late. Average Ether gas prices tracked by YCharts have fallen to $95.86 compared to spikes of hundreds of dollars in 2021.
The firm also teased features such as the ability to purchase many NFTs in a single translation, making real-time creator fees available to multiple recipients, as well as defining fees on-chain on a per-item basis.
SeaPort listings have the same basic structure as previous ones, while SeaPort’s developers worked together to optimize transaction efficiency.
The firm said it doesn’t control or operate SeaPort protocol, and it merely builds on top of it.
OpenSea and its employees
OpenSea also noted that it is still “hiring across the board” in its concluding comments. Other cryptocurrency firms plan to reduce the number of employees.
Crypto giant Coinbase made the decision to reduce the size of its team by about 18% due to a starting economic recession.
The company’s CEO Brian Armstrong mentioned that the trading revenue significantly declined during past crypto winters, noting that Coinbase has survived through four major crypto winters since its foundation in 2012.
Brian Armstrong emphasized that Coinbase has been growing “too quickly,” with the company’s headcount reaching 1,250 employees as of early 2021. According to Armstrong, the team has grown four times in the past 18 months, and their employee costs are “too high to effectively manage this uncertain market.”
Hopefully, all departing employees will receive support in finding a new role, including a minimum of 14 weeks of severance as well as additional two weeks for every year of employment beyond one year. Besides, additional support includes four months of health insurance in the United States and four months of mental health support globally.
In announcing a new massive layoff, the company joins the growing list of firms that had to reduce the number of employees amid the ongoing bear market, including Gemini and crypto-friendly trading platform Robinhood.
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