OpenSea and the Seaport Working Group have introduced Seaport 1.6, the latest version of the NFT marketplace protocol designed for the Ethereum Virtual Machine (EVM) ecosystem.

The new feature in Seaport 1.6, known as ‘Seaport hooks,’ draws inspiration from Uniswap v4 hooks. This feature aims to simplify the development of applications that enhance the utility and liquidity of NFTs. By serving as order fulfillment plugins, these hooks allow developers to seamlessly integrate custom contracts into the Seaport protocol.

Compared to its predecessor, Seaport 1.5, version 1.6 takes advantage of the recent Ethereum Dencun update. This update is expected to result in a 5% reduction in gas fees for certain transactions, benefiting users of the platform. Major EVM chains have already adopted this deployment.

With the introduction of Seaport hooks, contracts can be deployed and executed by Seaport, streamlining the order execution process. This functionality enables NFTs to adjust their properties based on purchase conditions, such as price and volume, and can be acquired using specific currencies or other NFTs. It also facilitates the creation of bonding curves and price oracles for NFTs.

OpenSea plans to transition user orders to Seaport 1.6 on Monday, March 25, without requiring user intervention. Starting from Monday, April 1, only Seaport 1.6 orders will be accepted through the OpenSea Developer API, gradually phasing out Seaport 1.5.

The integration of Seaport hooks is expected to provide NFT sales with access to liquidity from various on-chain sources, expanding opportunities for DeFi and NFT interoperability. This integration may introduce features like time-weighted average price (TWAP) oracles for the NFT sector.

According to OpenSea, “Hooks and the broader Seaport ecosystem are an invitation to the developer and creator community to explore new possibilities for NFTs and to enable those experiences to be seamlessly integrated.”

This update comes at a time when the NFT market is witnessing a decline in numbers. Data from Cryptoslam on March 6 revealed that OpenSea, once a leading NFT marketplace, now ranks fourth on the list. The average price of digital collectibles on OpenSea has also dropped by as much as 22.22%.

While ordinals on the Bitcoin network have shown an increase, the price floor for Ethereum NFTs has experienced a significant decline in recent months.

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