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- OpenSea now has a Seaport
Welcome back to Decentra Daily, we’re still here, we’re still here.
Market sentiment analysis: Welp, it’s all f*cked. This crypto crash has been harsher and more unforgiving than previous crypto crashes. Bitcoin has largely been touted as an inflation hedge, and currently we are seeing Bitcoin (crypto/NFTs) get destroyed, first by inflation, and rising interest rates to curb it. Bitcoin is down 25% on the month, Ethereum is down 40%, and let’s not talk about how much NFT’s are down. The OpenSea volume image above gives a little glimmer of hope, with volume up almost 30% on the day, probably a dead cat bounce and we push lower, let’s not get too optimistic. Also BAYC floor is down to 100k USD, great time to buy? Or beginning of the end?
Estimated read time: 2 minutes
Opensea introduces seaport - too little too late?
Winners and losers of the day
OpenSea making solid changes!
As of today OpenSea is moving to the Seaport protocol. OpenSea is claiming that this migration to the new contract will save $460 + million in total fees each year…..assuming anyone will still be purchasing NFTs (ha…..ha….).
Here are the changes you can expect as an Opensea user:
1. Cheaper transactions
By using Seaport it’s estimated that you’ll save 35% in gas fees. The protocol developers of Seaport worked in Assembly to optimize gas efficiency. Here is an image of the previous gas costs (top), and reduced (bottom) for different ERC tokens:
OpenSea
2. Collection offers
Similar to the Looksrare marketplace, you will now be able to make offers on entire collections. What really stands out here is that you’ll actually be able to make offers on specific attributes within a collection, for example you can make an offer on only blue fur Bored Apes. This adds an interesting dynamic for buyers and sellers.
3. No setup fees
As OpenSea wants to onboard new users to NFTs they have removed their one time setup fee. This has the potential to save new users $120 million each year according to OpenSea.
4. Signatures
Confirming transactions on your wallet can often be scary/confusing when seeing different numbers and letters pop up with no explanation. OpenSea is making confirming transactions within your wallet easier to read and understand, which hopefully will reduce the risk of getting ‘rugged’ or scammed.
Summary
These changes are helpful for NFTs moving forward, reducing the amount of $ that are wasted in the form of transaction fees (remember to claim these on your taxes if possible). But according to OpenSea if these changes do in fact have save $460 million in transaction fees then that is great, as users will have more money to spend elsewhere, and maybe they’ll be able to afford rent.
Winners and Losers
The projects that have stood out to us the most in the past 24 hours, the good, and bad.
Winner: There are no winners. Many blue chips (other deeds, MAYC) are holding steady, but no established projects were up more than 1% day over day.
Loser: Clone X - Floor Price down 27% in the last 24 hours (8.99 ETH → 7.03 ETH)
The PFP avatar of the RTFKT ecosystem. On a general downward trend for the past month, this might be time to get out? Not holding the floor like true blue chips. Nike might need some of the celebrities they sponsor to start schilling Clone X to save the floor.
Headlines of the day
Disclaimer: Nothing in this article/newsletter should be considered financial advice. The purpose is to inform readers of the current trends and news in the web3 space. We encourage every reader to do their own research and not act upon information put forth by Decentra Daily.