OpenSea says its latest update could significantly lower fees

OpenSea is announcing that users buying and selling non-fungible tokens (NFTs) on its platform could see fees drop by around 35 percent. This is thanks to the fact that the company is upgrading the protocol that underpins its marketplace, migrating to a platform called Seaport to handle its transactions. Offering lower gas fees may be a way for OpenSea to differentiate itself from the other NFT marketplaces that are competing with it (though not always successfully). The change does, however, come at a rough time in the crypto market overall.

Seaport is an open-source project OpenSea announced last month, and the company says it’s significantly more efficient than its old system when it comes to dealing with the blockchain. (The Seaport...

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