You are here
Home > DeFi > OpenSea Adds Polygon Support to Expand Features and Accept MATIC

OpenSea Adds Polygon Support to Expand Features and Accept MATIC

The number one NFT marketplace by volume, OpenSea recently announced that it is integrating with Polygon, the layer 2 scaling solution with its Seaport protocol implementation. 

OpenSea tweeted on social media mentioning their excitement for the listing, 

“Starting today, we will begin using Seaport for all new listings and offers on Polygon! We’re excited to start using Seaport across multiple blockchains to improve the experience for everyone on OpenSea.”

OpenSea, earlier in June, announced its plans to move from Wyvern protocol to Seaport, which is an open-source marketplace protocol audited by Web3 security firms OpenZeplling and Trail of Bits. This implementation will help OpenSea to save around $460 million in fees every year. 

The new protocol helps in avoiding high Ethereum gas fees, making signature confirmation actions easier to read and removing the need for the users to pay an account initialization/setup fee. 

“After several months of observing Seaport’s impact and collecting valuable feedback, we’re excited to introduce Polygon support,” OpenSea said in a blog post. “In the coming months, we will be adding support for Klaytn and other EMV-compatible chains as well.”

The NFT marketplace also mentioned that this integration with Polygon would enable it to launch new features such as collection and attribute offers, multiple creator payouts, no listing thresholds and bulk transfers. Also, the most noteworthy result of this integration is to use MATIC, the native token of Polygon, to list and buy on OpenSea. 

“As part of the shift to Seaport, OpenSea now supports using $MATIC, Polygon’s native token, as a payment option,” OpenSea continued. “Anyone transacting on Polygon using OpenSea will now be required to pay for their own gas fees for transacting using $MATIC.”

Related Article  Bitget Enhances Referral Program with Bigger Bonuses

Leave a Reply