OpenSea Cutting Costs for Creators
OpenSea introduced proxy contracts for self-serve drops, providing creators with a much more affordable option when deploying their own contracts.
❗Why It Matters
The current marketplace war is making sure to keep the innovations flowing and in this new move, OpenSea is aiming to give creators considerable savings with proxy contracts. The launchpad and creator drops is one of the lone differentiators OpenSea holds over main competitor, Blur, at present time. According to the team, this update will "help alleviate the financial barriers that creators encounter when dropping collections."
🔎 The Deets
Creators will be able to select between using the proxy contract or the standard OpenSea contract.
- The proxy contract aims to reduce the gas fees to the creator by approximately 90 percent, however, it can create higher costs for holders when trading, selling and minting.
- The standard contract incurs greater cost on deploy and will provide lower costs for holders when trading, selling and minting.
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