The leading NFT marketplace, OpenSea, has released SeaDrop, an open-source smart contract that allows NFT project creators to avoid the time-consuming task of deploying their own custom smart contracts.

SeaDrop addresses all technical complexities and gives creators more control by allowing them to set release times, add allow lists, and even have tiered versions of their allow lists.

Furthermore, the feature supports Ethereum and Polygon blockchains and allows for drop across Ethereum Virtual Machine (EVM) compatible blockchains. However, the company plans to add support for Optimism, Arbitrum, Avalanche, Gnosis Chain, and BNB Chain in the near future.

Despite the continued market decline, which has seen cumulative trading volume in all NFT markets drop by more than 97% in five months, OpenSea is taking steps to further strengthen its position as the leading NFT market.

OpenSea added support for two Ethereum Layer-2 scaling solutions last month: Arbitrum and Optimism. This brings the total number of supported networks by OpenSea to six: Ethereum, Solana, Polygon, Klatyn, Arbitrum, and Optimism.

OpenSea launched a new protocol called Seaport in May, allowing users to bid on NFTs using ERC-20 and ERC-721 tokens. Users can essentially trade their NFT for any asset combination they want. OpenSea acquired Gem, a popular NFT aggregator that allows users to buy multiple NFTs from different markets in a single transaction, in April.

X2Y2 and Magic Eden are OpenSea's main rivals. Surprisingly, in order to gain market share, both competitors charge lower transaction fees. OpenSea charges 2.5% in transaction fees, while Magic Eden charges 2% and X2Y2 charges 0.5%.

According to DappRadar, OpenSea remains the top app. In the last 30 days, the protocol generated $253 million in transaction fees, compared to $165 million for X2Y2 and $128 million for Magic Eden.