OpenSea, one of the major NFT marketplaces, has recently launched OpenSea Pro, an advanced NFT marketplace specifically designed for high-volume NFT traders. The upgraded version of the standard version, Gem V2, which OpenSea acquired in April 2022, aims to stay ahead of its primary rival, Blur. OpenSea Pro allows users to pull listings from over 170 NFT marketplaces at a temporal zero percent fee, with a 2.5% fee charged afterward. OpenSea Pro collects listings from various platforms, including well-known ones like Blur, LooksRare, and X2Y2.
The rebranded version boasts more sophisticated trading tools and unique features, such as the ability to optimize gas fees and cross-marketplace data. It also offers tools that allow users to purchase and list items in bulk with flexibility. Additionally, OpenSea Pro can be used to mint items, which helps users avoid potentially malicious third-party websites or contracts.
A reward system is in place for users who have been loyal to the platform. The Gem team will drop an incentive for its consumers called the “Gemesis” NFT, which is only available to early buyers. The process started on April 4th, 2023 and will last until May 4th, 2023, spanning a month. Users who purchased an NFT on the platform on or before the set deadline will be eligible for the reward. All eligible users can claim a Gemesis NFT, which will be entirely free for them until the end of the rewarding program on May 4th, 2023.
OpenSea and Blur have been major forces in the NFT marketplace, and their rivalry has caused a change in policy for both platforms. The battle between the two started when Blur launched with its unique token features, which garnered significant attention and even led OpenSea to reduce its marketplace fees to 0%. Recently, OpenSea lost its lead in NFT marketplace trading volume to its primary rival, Blur. However, blockchain data from Dune shows that OpenSea had nearly 91,000 unique Ethereum wallets active in the past week, while Blur had around 41,000 active users during the same period.
The intense rivalry for market dominance has resulted in the introduction of OpenSea Pro, showcasing the positive effects of competition. OpenSea CEO Devin Finzer stressed the company’s commitment to enhancing the trading experience for creators and retail traders, including forging new partnerships, facilitating primary drops, and implementing cutting-edge technology.
Competition between these two platforms can benefit consumers by leading to better and faster products, regular incentives, and more