OpenSea Launches OpenSea Pro With 0% Fees To Effort Combat Blur

Key Points:

• OpenSea has launched OpenSea Pro against upstart competition Blur.
• OpenSea Pro is a renamed and enhanced version of Gem V2, the NFT marketplace aggregator’s updated version.
• The platform is still marketed separately from the conventional marketplace but under the same brand name.

OpenSea, the leading non-fungible token (NFT) marketplace, announced Tuesday the debut of OpenSea Pro, a marketplace with enhanced features aimed at the increasing market of professional NFT traders, which has helped competitor NFT marketplace Blur soar since its inception.

After acquiring NFT aggregator Gem in April 2022, OpenSea was able to improve and polish Gem’s infrastructure to produce the new OpenSea Pro.

OpenSea Pro is a renamed and enhanced version of Gem V2, the updated version of the NFT marketplace aggregator bought by it in April 2022. At the time, co-founder and CEO Devin Finzer described the change as one aimed at gaining more experienced, pro customers.

OpenSea Pro is still marketed as a different product from the basic marketplace, but under the same brand banner.

OpenSea’s primary marketplace recently reduced its standard 2.5% platform charge in response to the emergence of competitor Blur, which surpassed OpenSea in terms of NFT trading volume in February. Now, OpenSea Pro will have 0% fees and will pull listings from 170 marketplaces to present merchants with the greatest prices. It will provide sophisticated floor sweeping for traders, as well as fast sales, inventory management, the ability to optimize gas fees for efficient deals, a watchlist tool, and other features.

The portal is also mobile-friendly and mobile-optimized, enabling users to explore, sweep, and list from their phones.

The Gem team is delivering a special “thank you” in the form of a Gemesis NFT drop to coincide with the introduction of OpenSea Pro to convey thanks to Gem’s early adopters. Those who bought an NFT on Gem before March 31st are eligible to get a free Gemesis NFT through May 4th.

In terms of creator royalties, OpenSea Pro will stick to the existing OpenSea policy of requiring just a 0.5% minimum fee for projects that do not employ an on-chain enforcement technique. Sellers may pay more than 0.5% if they so want. A royalty is a charge given to the author of the original NFT that is normally set at 5-10% of the secondary selling price.

Although dropping to second position in terms of NFT marketplace trade volume, OpenSea still has more active members than Blur. Now, the two platforms are actively fighting for the NFT secondary product market.

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Harold

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