OpenSea unveils OpenSea Pro, a sophisticated marketplace designed to cater to the growing market of professional NFT traders and compete with rivals like zero-fee platform Blur.
The move follows the rapid growth of competing zero-fee NFT marketplace Blur. OpenSea Pro is a rebranded version of Gem v2, an NFT aggregation platform acquired by OpenSea in April 2022 to provide professional trading tools to its users.
Featuring no fees, OpenSea Pro will aggregate listings from 170 marketplaces, offering the best deals for traders. The platform will support advanced floor sweeping, instant sales, inventory management, gas fee optimization for efficient trading, watchlist functionality, and more. It will also be accessible on mobile devices.
Devin Finzer, OpenSea CEO, credits Gem’s technology for helping develop OpenSea Pro into the most efficient NFT trading tool available. Finzer praised the platform for its speed and real-time capabilities, which provide a swift user experience for NFT purchases.
OpenSea has faced stiff competition from Blur, prompting the company to eliminate creator fees to attract traders. With the launch of OpenSea Pro, the company is reintroducing creator fees on its main platform at 2.5%. Finzer emphasized that revenue from these fees would be reinvested in strengthening the NFT space.
Although OpenSea Pro is being introduced amid fierce competition with Blur, Finzer reassures that OpenSea will continue to prioritize retail traders and creators by focusing on partnerships, primary drops, and smart contract standards.
The company aims to facilitate the exploration and purchase of NFTs for first-time users while pushing the use cases for NFTs forward. OpenSea envisions users graduating from the main platform to a more professional experience with OpenSea Pro.