OpenSea, a leading NFT (non-fungible token) marketplace, has launched a new platform named OpenSea Pro to combat its rival, Blur. OpenSea Pro offers a marketplace with more advanced trading tools than the standard version, zero marketplace fees for a limited time, and NFT-based trading rewards. This new platform is a rebranded and expanded version of Gem V2, an upgraded version of the NFT marketplace aggregator that OpenSea acquired in April 2022.
Today, we’re excited to unveil OpenSea Pro (previously Gem v2) – the fastest and most powerful NFT marketplace aggregator in the industry! Some history in the 🧵below https://t.co/bjpBKSyNZo
— OpenSea (@opensea) April 4, 2023
OpenSea Pro aggregates listings from over 170 NFT marketplaces, large and small, including notable platforms like Blur, LooksRare, and X2Y2. It provides users with more flexibility in searching for NFT listings and managing their digital asset inventories. Moreover, it aggregates open NFT collection offers across marketplaces, making it easier for users to find and manage their NFTs.
OpenSea Pro will maintain OpenSea’s current model of requiring only a 0.5% minimum royalty on projects that do not use an on-chain enforcement method. However, sellers may choose to pay more than 0.5% if they wish. A royalty is a fee paid to the original NFT creator and is typically set at 5-10% of the secondary sale price.
Blur has been dominating the NFT space, fueled in large part by BLUR token rewards paid out to traders. OpenSea, on the other hand, does not have a token and does not seem to be going that route. Instead, it will offer another type of reward to OpenSea Pro traders. OpenSea will offer NFTs as rewards to its users, although the company has yet to reveal details. Apart from the reward NFTs, OpenSea will also offer a free “Gemesis” NFT mint to users who bought an NFT via Gem before March 31.
Despite losing the top spot in terms of NFT marketplace trading volume, OpenSea still boasts more active users than Blur, with nearly 91,000 unique Ethereum wallets over the past week compared to about 41,000 for Blur. In March 2023, OpenSea had $424 million worth of NFT trades, while Blur had about $1.35 billion. Nevertheless, Blur’s vastly elevated trading action in recent months has drawn scrutiny and criticism for attracting traders who rapidly flip NFTs en masse in an effort to generate token rewards.
In conclusion, OpenSea’s new platform, OpenSea Pro, provides a comprehensive marketplace for NFT enthusiasts with advanced trading tools and zero marketplace fees for a limited time. OpenSea’s commitment to providing a fee structure for creators is a positive step towards ensuring that the original creators receive fair compensation for their creations. While OpenSea Pro’s rewards are yet to be revealed, they could be a game-changer for the platform, making it even more competitive in the NFT marketplace.