On Tuesday, OpenSea, the leading non-fungible token (NFT) marketplace, announced the launch of OpenSea Pro, a platform with advanced features designed for the burgeoning market of professional NFT traders. This move comes as rival NFT marketplace Blur has experienced rapid growth since its debut, largely driven by the growing number of professional traders in the space.
OpenSea Pro is essentially a rebrand of Gem v2, the latest version of the NFT aggregation platform created by Gem. OpenSea acquired Gem in April 2022 with the intention of integrating its suite of professional trading tools into OpenSea’s ecosystem for both creators and traders. The platform aims to be the most efficient NFT trading tool in the market, offering users a range of features and benefits.
Crucially, OpenSea Pro will operate with 0% fees, allowing traders to maximize their profits. The platform will source listings from over 170 marketplaces, ensuring that traders have access to the best possible deals. Some of the key features that OpenSea Pro will support include advanced “floor sweeping” capabilities for traders, instant sales, inventory management, the ability to optimize gas fees for efficient trades, a watchlist feature, and more. The platform will also be available across mobile devices, making it more accessible to users on the go.
In an interview with CoinDesk, Devin Finzer, CEO of OpenSea, spoke about the advantages of OpenSea Pro compared to Gem v1. He highlighted that OpenSea Pro is “incredibly fast, incredibly real-time,” and that it aims to provide “the fastest user experience for purchasing NFTs.”
The competition between OpenSea and zero-fee platform Blur has been intense since Blur’s launch in October. In response, OpenSea dropped its required creator fees to 0% in order to attract Blur traders. However, with the introduction of OpenSea Pro, the company has re-introduced creator fees to its main platform at a rate of 2.5%.
As OpenSea continues to compete with Blur for market share, Finzer emphasized that the company will still be focusing on providing tools and improvements for retail traders and creators. This includes forming new partnerships, designing primary drops, and embracing smart contract standards. In Finzer’s words, “We’re investing in really exciting features that make it easier for people to explore and purchase their first NFT and then really push the use cases forward for NFTs.”
In addition to its focus on professional traders, OpenSea remains committed to supporting the creative community that has played a pivotal role in the NFT market’s growth. As Finzer explained, “Folks can come to OpenSea and graduate to a professional experience.” This means that OpenSea will not only cater to the needs of professional traders, but also provide a platform for artists and creators looking to capitalize on the NFT boom.
With the launch of OpenSea Pro, the NFT marketplace looks poised to continue making strides in the rapidly evolving world of digital art and collectibles. By offering a platform designed specifically for professional traders, OpenSea is addressing the growing demand for advanced NFT trading tools, while also continuing to cater to the needs of artists and creators. As the battle for the top spot in the NFT market intensifies, OpenSea Pro’s mix of features and accessibility may prove to be a winning formula in attracting users — both professional traders and creators alike.