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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source: https:\/\/www.theverge.com\/2022\/6\/14\/23166774\/opensea-seaport-portocol-update-switch-gas-fees<\/a> OpenSea is announcing<\/a> that users buying and selling non-fungible tokens<\/a> (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<\/a>). The change does, however, come at a rough time in the crypto market overall. <\/p>\n Seaport is an open-source project OpenSea announced last month, and the company says it\u2019s significantly more efficient than its old system when it comes to dealing with the blockchain. (The Seaport announcement<\/a> contains a few technical details about why that is, if you\u2019re interested.) According to OpenSea, first-time sellers will no longer have to pay the initialization fee, which I\u2019ve seen range from $50 to $450. That\u2019s in addition to the reduction in transaction fees.<\/p>\n
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