Opensea introduces Seaport 1.6, cutting gas fees by up to 5% for some transactions

OpenSea and Seaport Working Group have released Seaport 1.6, the latest version of the nft marketplace protocol for the ethereum Virtual Machine (EVM) ecosystem.

'Seaport hooks', a new feature in the update, are based on Uniswap v4 hooks. The goal of this feature is to facilitate the development of applications that increase the utility and liquidity of NFTs. Functioning as order fulfillment plugins, these hooks allow developers to easily integrate custom contracts into the Seaport protocol.

Compared to its predecessor, Seaport 1.5, version 1.6 takes advantage of the latest ethereum Dencun update. As a result, the platform says users will benefit from a 5% reduction in gas fees for some transactions. According to the announcement, major EVM chains are already using this implementation.

Using Seaport's hooks feature, Seaport can deploy and invoke contracts, ensuring a smooth and efficient order execution process. This allows NFTs to adapt their properties based on purchase conditions, such as price and volume, and can be obtained using specific coins or other NFTs. It also enables the development of bonding curves and price oracles for NFTs.

OpenSea intends to move user orders to Seaport 1.6 on Monday, March 25. This technique does not involve user interaction. Additionally, starting Monday, April 1, the OpenSea Developer API will only accept requests for Seaport 1.6. Consequently, Seaport 1.5 will be phased out over time.

Furthermore, OpenSea mentioned that the integration of seaport hooks will allow nft sales to access liquidity from various sources on the chain. This integration is expected to expand the interoperability possibilities of DeFi and nft, incorporating features such as time-weighted average price (TWAP) oracles for the nft sector.

“Hooks and the broader Seaport ecosystem are an invitation to the community of developers and creators to go beyond what is possible for NFTs and, ideally, allow those experiences to emerge natively,” Opensea wrote in the official . advertisement.

The update comes as the nft market is experiencing a drop in numbers. On March 6, data from Cryptoslam revealed that OpenSea, once the top nft marketplace, is now fourth on the list. The average price of a digital collectible on OpenSea also plummeted by as much as 22.22% at the time of the report's publication.

While ordinals on the bitcoin network have seen an uptick, the floor price of ethereum NFTs has seen a significant drop in recent months.

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