New OpenSea Advanced Marketplace Targets Professional NFT Traders
The leading NFT marketplace OpenSea has launched a new advanced marketplace dubbed OpenSea Pro. OpenSea’s new offering is seen as a bid to draw customers away from its fierce NFT marketplace competitor Blur.
OpenSea Pro is an aggregator that targets active NFT traders by aggregating sales listings drawn from 170 other non-fungible token marketplaces and bringing these onto a single platform to give traders the best deals.
OpenSea’s Gem v2 has now been rebranded into OpenSea Pro. Reactions from the NFT community have been mixed. The advanced marketplace was launched on April 4 and comes with new tools and features. Users can now list on OpenSea via the Pro platform with 0% fees for a limited duration of time. The general marketplace fees will, however, revert to the 2.5% of the main OpenSea platform.
OpenSea Pro is, thus, a rebrand of the marketplace’s Gem v2. Gem was acquired by OpenSea in April 2022 and the marketplace planned to integrate its professional trading tools into its users.
OpenSea Pro will also provide support for advanced “floor sweeping” for the platform’s traders as well as inventory management, instant sales, a watchlist feature, and the ability to optimize gas fees to realize efficient trades.
According to OpenSea CEO Devin Finzer, Gem helped the company build the OpenSea Pro into one of the most efficient non-fungible tools on the market.
The OpenSea Pro was launched in a bid to attract pro traders, many of whom have now flocked to Blur.
In its official announcement, the marketplace said that OpenSea Pro will give users a new level of selection, optionality as well as control for professional NFT collectors.
OpenSea says this new polished marketplace gives pro traders a much-improved suite of features that will enable collectors to find the “best deals and insights” from 170 marketplaces. The new marketplace also features sophisticated tools that address users’ need for automation.
The Pro version also features “live-cross marketplace data”, advanced orders, powerful inventory management, optimized gas fees, instant sales, and much more. OpenSea has also added features like a watchlist, batch transfer, and live mints overview among others.
In its statement, OpenSea says that while its platform was built to serve a range of users including avid collectors, super fans, and crypto n00bs, the OpenSea Pro primarily targets the power user community who are key in the NFT ecosystem. The company says OpenSea Pro is built to cater to the disparate needs of diverse users in terms of features, interfaces, and fee structure. The Pro marketplace will also be accessible through mobile devices.
Stiff Competition for the NFT Market
OpenSea’s move is a response to a stiffening of the competition in the NFT marketplace. The company has been facing a serious challenge from Blur’s zero-fee platform. Blur was launched in October last year and its whirlwind performance has now forced OpenSea to lower its market fees to 0% in a bid to attract professional traders who migrated to the new marketplace.
OpenSea has been the leading NFT marketplace since the 2021 crypto boom but dominance is now being threatened by Blur which has forced it to innovate and add new features in a bid to maintain its supremacy.
Blur had booming sales in the first quarter of this year. Activity on the upstart platform skyrocketed following a token launch in February 2014 that enabled Blur to establish itself as a major and legitimate player in the NFT trade. In February, Blur even outperformed OpenSea on Ethereum NFT trades.