On Tuesday, OpenSea, the leading NFT marketplace, announced it was migrating to Seaport, a new Web3 marketplace protocol designed for safely and efficiently buying and selling NFTs.

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The move to Seaport could save users an estimated 35% in gas fees for transactions, according to the blog post. Based on data from last year, it would amount to more than $460 million (138K ETH) in total savings.

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On top of that, new users will no longer have to pay a one-time setup fee to use the platform, saving an additional $120 million (35K ETH) each year.

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“Seaport is a game changer, it’s open source, inherently decentralized and a modern foundation that will help us (and any teams using it) build and release new features more quickly,” OpenSea said.

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Along with lowering gas fees, OpenSea announced multiple new features, including the ability to make offers on entire collections or NFTs with specific traits and signature options that are easier to read and understand.

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OpenSea first announced Seaport in late May and made it clear that it does not control or operate the protocol. Instead, the company will simply build on top of it alongside other builders, creators, and collectors of NFTs.

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