OpenSea streamlines NFT launches for artists
SeaDrop refines the NFT embossing and dropping process
OpenSea, the leading NFT marketplace, has launched SeaDrop, an open source smart contract that allows NFT project creators to skip the tedious task of deploying their own custom smart contracts.
SeaDrop handles all the technical complexities, and creators gain more control as they are able to set drop times, add whitelists, and even have tiered versions of whitelists.
In addition, the feature enables drops over Ethereum Virtual Machine (EVM) compatible blockchains and currently supports Ethereum and Polygon. However, the company will soon add support for Optimism, Arbitrum, Avalanche, Gnosis Chain, and BNB Chain.
SeaDrop supports public, whitelist, token-gated and server-signed coin options. Drops registered with SeaDrop can be easily indexed or tracked as the activity is recorded on the chain. Also, bulk embossing on SeaDrop is expected to be cheaper due to gas optimizations used by the development team.
Resilient Behemoth
Despite the ongoing market downturn that has seen the cumulative trading volume across all NFT marketplaces fall over 97% in five months, OpenSea has made strides to further solidify its position as the leading NFT marketplace.
Last month, OpenSea added support for two Ethereum Layer-2 scaling solutions: Arbitrum and Optimism. This brings the number of OpenSea’s supported networks to six, namely Ethereum, Solana, Polygon, Klatyn, Arbitrum and Optimism.
In May, OpenSea launched a new protocol called Seaport, which allows users to bid on NFTs using ERC-20 tokens and ERC-721 tokens. Users can essentially trade their NFTs for any combination of assets they want.
OpenSea drops new marketplace protocol for NFTs
OpenSea’s new Seaport protocol will allow users to place bids for NFTs with a wide range of assets, including ERC20, ERC721 and ETH.
In April, OpenSea acquired Gem, a popular NFT aggregator that allows users to buy multiple NFTs across various marketplaces in a single transaction.
OpenSea’s primary competitors are X2Y2 and Magic Eden. Interestingly, both competitors are demanding lower trading fees in an attempt to gain market share. OpenSea charges 2.5% while Magic Eden’s trading fees are 2% and X2Y2 is even cheaper at 0.5%.
OpenSea is still firmly in the top spot, according to DappRadar. The protocol generated trading fees of $253M in the last 30 days, compared to $165M for X2Y2 and $128M for Magic Eden in the same period.
