OpenSea has launched OpenSea Pro, an advanced marketplace that aims to serve the growing demand for professional NFT traders and rival other platforms such as the no-fee site Blur.
The move is in response to the rapid expansion of Blur, a competing no-fee NFT marketplace. In April 2022, OpenSea acquired the NFT aggregation platform Gem v2 to offer its users professional trading capabilities. OpenSea Pro is a newly launched version of Gem v2 that caters specifically to professional NFT traders.
OpenSea Pro will combine listings from 170 marketplaces and provide dealers with the greatest offers at no cost. The platform will include support for enhanced floor sweeping, instant sales, inventory management, gas fee optimization for efficient trade, watchlist capabilities, and more. It will also be a mobile device accessible.
According to Devin Finzer, the CEO of OpenSea, the technology from Gem played a crucial role in developing OpenSea Pro into the most effective NFT trading platform currently available. Finzer lauded the platform’s speed and real-time capabilities, which facilitate a smooth user experience for NFT transactions.
OpenSea faced intense competition from Blur, which prompted the company to cut creator fees in hopes of bringing in traders. With the release of OpenSea Pro, the company is imposing 2.5% creator fees on its main platform. Finzer highlighted that the proceeds from these costs would be reinvested in the NFT industry.
Finzer guarantees that OpenSea will continue to emphasize retail traders and producers by focusing on partnerships, primary drops, and smart contract standards, despite the fact that OpenSea Pro is being presented in the midst of intense rivalry with Blur.
The firm seeks to simplify the discovery and purchase of NFTs for first-time users while advancing the use cases for NFTs. OpenSea foresees users transitioning from the main platform to the more professional OpenSea Pro.