OpenSea, the long-time leading NFT marketplace, has recently launched an enhanced version of its platform called OpenSea Pro in an attempt to combat its rival Blur, which overtook OpenSea in terms of NFT trading volume in February. The new marketplace offers more robust trading tools, zero marketplace fees (temporarily), and plans for NFT-based trading rewards.
OpenSea Pro is a rebranded and expanded version of Gem V2, an NFT marketplace aggregator that OpenSea acquired in April 2022. The updated platform aggregates listings from more than 170 NFT marketplaces, including prominent platforms such as Blur, LooksRare, and X2Y2. This move aims to attract more experienced, "pro" users to OpenSea's platform.
The new marketplace provides users with enhanced search flexibility and improved inventory management features, as well as the aggregation of open NFT collection offers across multiple marketplaces. OpenSea Pro aims to make it easier for users to find, manage, and trade their digital assets.
In an effort to remain competitive, OpenSea has temporarily removed its typical 2.5% platform fee for the new Pro platform. However, OpenSea announced that it will reinstate the standard fee on the main marketplace. As for creator royalties, OpenSea Pro will maintain the company's current model, which requires only a 0.5% minimum royalty on projects that do not use an on-chain enforcement method. Sellers have the option to pay more than 0.5% if they choose.
Blur's rise in the NFT space has been fueled largely by the BLUR token rewards it offers to traders. While OpenSea does not have a token and does not plan to introduce one, it will offer another type of reward to OpenSea Pro traders. The company has yet to reveal specific details about these NFT rewards but promises to "[chart] a different course by featuring NFTs as rewards."
In addition to NFT rewards, OpenSea will offer a free "Gemesis" NFT mint for 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. According to data aggregated by Dune, OpenSea had nearly 91,000 unique Ethereum wallets active in the past week, compared to about 41,000 for Blur.
OpenSea recorded $424 million worth of NFT trades in March, as per data from DappRadar, while Blur had approximately $1.35 billion in trades. However, Blur's rapid increase in trading activity has drawn scrutiny and criticism for attracting traders who rapidly flip NFTs en masse in an effort to generate token rewards.
With the launch of OpenSea Pro, the company aims to regain its position as the leading NFT marketplace while offering a unique approach to rewarding its users. The success of this new platform will largely depend on how well it can adapt to the ever-changing NFT market and its ability to cater to the needs of its users.
Juliette Twain: Jun 19, 2023 11:48:10 AM
