After several months of evaluation, Seaport, the new protocol of the OpenSea non-fungible tokens (NFTs) platform, will welcome the Polygon (MATIC) sidechain. This will allow OpenSea users to settle their transactions in MATIC tokens. According to the company, new EVM-enabled blockchains will also be added in the coming months.
Polygon docks at OpenSea’s Seaport
OpenSea, the largest marketplace for non-fungible tokens (NFTs) by volume, has announced that its Seaport protocol will now integrate Polygon and MATIC token payments.
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.
Here’s what you can expect with this move to Seaport ↯
– OpenSea (@opensea) August 30, 2022
“Starting today, we will begin using Seaport for all new listings and offers on Polygon! We’re excited to start using Seaport on multiple blockchains to enhance everyone’s experience on OpenSea. “
Introduced in June, the Seaport protocol has been deployed on OpenSea to provide a range of improvements for users, including a significant reduction in transaction fees, estimated at around $460 million in annual savings.
The protocol, which is completely open source, will now welcome Polygon to expand its offering after several months of evaluation. According to the OpenSea press release, Klaytn and other blockchains compatible with the Ethereum Virtual Machine (EVM) will be added in the coming months.
As previously reported, payment in MATIC tokens will now be possible on OpenSea:
” As part of the move to Seaport, OpenSea now supports the use of $MATIC, Polygon’s native token, as a payment option. Anyone transacting on Polygon using OpenSea will now have to pay their own gas fees to transact using $MATIC. “
NFTs in bad shape
We’re not going to be able to get a lot of money out of it, but we’re going to be able to get a lot of money out of it,” he said. “We’re not going to be able to get a lot of money out of it.
Also, while the platform processed the equivalent of $2.7 billion in transactions on May 1, it has only processed $80 million over the last 7 days according to DappRadar data. Obviously, the drop in volume processed and the massive drop in floor prices of the various collections is to be put in relation with the bear market.
The 2 most popular collections, Bored Ape Yacht Club (BAYC) and CryptoPunks, have seen their floor prices fall by 53% and 19% respectively compared to their highest price (ATH) reached this year.
However, OpenSea has deemed this method of calculation inadequate and prefers to look at trading volume, which has fallen by 62% over the same period. However, the company prefers to look ahead and is confident in these troubled times in the market:
We play the long game because we see what is possible, so we are not so concerned about short-term volatility. We’ve always expected there to be froth, hype and deflation as the community and use cases evolve […].”
