In the depths of the bear market, builders build. And today, @opensea built on Seaport is officially live. Here are all the new things features live on Opensea today. 🧵 👇
- Goodbye wallet initialization fee: While this isn't relevant to most of us since we already paid it, the "initialize your wallet" fee is no more. I remember paying $300 USD on this fee per wallet, which presents a huge barrier to entry for new degens. We won't miss you!
- Seaport is gas efficient, saving you in fees: On average, expect to pay 35% less in gas fees on the new Opensea, whether you're buying an NFT or accepting offers in WETH. Accepting WETH offers will be way less painful, IDK about you, but the WETH gas fees killed my profits.
- Re-approve collections to access cheaper gas fees Opensea notes that, before you start to see cheaper fees, you'll need to re-approve collections (referring to the "set approval for all" transaction). Thankfully, gas is low already, so this will be worth it for the savings.
4-1) Make offers on collections: Now, you can create offers in WETH, APE and USDC across a complete collection. Meaning - if you want a BAYC and don't care which one, make a collection offer. If someone is selling one, they can accept that.
4-2) Collection offers will increase the liquidity of NFTs - instead of waiting for a reasonable, non-bot offer on your NFT, you can look at the collection offer floor. If you see a collection offer you like, you can accept it.
4-3) One more on collection offers: this makes ERC721 listings similar to ERC1155. Because ERC1155 tokens are all the same, listings and offers are on the same page on Opensea. Anyone with that NFT can accept an offer making them more liquid. This will now be true for ERC721 NFTs.
- Make offers on specific traits: If you want a BAYC but want a specific trait, you can also specify that with collection offers. Typing the trait you want brings up the floor for it and the rarity in the collection. (I just learned that the solid gold floor is 1000 eth 👀)
- Easily find trait floor price A benefit of the collection offer feature: it's much easier to see the floor for specific traits. Instead of filtering for that trait, filter for currently listed NFTs, just click "collection offer" and search to see the floor and offers.
- Currently, collection offers are only available to the top 100 collections but will soon expand to include other collections.
- In the coming months, Opensea will be expanding its features to include:
- Bulk purchase NFTs
- Create collection royalties on-chain
Some thoughts on these features below 👇
- Bulk purchasing NFTs: this is what @gemxyz (a marketplace aggregator) does today and is an unsurprising announcement. Remember, @opensea acquired Gem at the end of April for an undisclosed sum.
- On-chain collection royalties: previously, the fees you set on your collection were set on Opensea. Meaning, your collection only got a cut when they were traded on Opensea. For each other marketplace like @looksrare, you would have to set this manually.
With your royalties set on-chain, it doesn't matter where your NFT sells - you'll always get your cut because royalties are now defined at the blockchain level. It makes complete sense why @opensea is doing this: the future of NFTs is decentralized marketplaces.
Right now, you have to set fees on Opensea, Looksrare, and X2Y2 separately - manageable for three marketplaces. But with Seaport, anyone can launch a marketplace. Imagine having to set your royalties on 50 marketplaces manually 😵💫😵💫😵💫. On-chain royalties solves this.
I wrote a thread last month that went over the changes Seaport would bring to Opensea. It's cool to see that some of these are already live! Check that thread out for other features that are planned.
And as always, I write threads on Twitter and on substack, which you can subscribe to here.
If you enjoyed this, consider collecting this thread as an NFT. Mint this thread and speculate on it!