OpenSea Pro, the well-known NFT market place, has been facing tough competition from Blur, another NFT marketplace and aggregator, over the past six months. Blur has managed to capture the majority of trading volume, which has shaken the NFT community. The competition has sparked discussions on creator fees, power traders’ manipulation, and the type of web the NFT community prefers. OpenSea has now launched OpenSea Pro, a new marketplace for professional traders, to compete with Blur. The article provides an overview of OpenSea Pro, its features and functionality, user rewards, and growing pains.
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Opensea Pro Introduction
OpenSea Pro, the new marketplace and aggregator, has entered the NFT industry as a competitor to OpenSea, which was once the leading marketplace. OpenSea Pro is designed to attract professional traders who engage in high-volume trading by offering them advanced order and listing options, displaying cross-marketplace information, and tracking live project mints.
In addition, OpenSea Pro has been advertised as a platform with zero percent marketplace fees and a minimum creator royalty of 0.5 percent. The platform’s design is intuitive and easy on the eyes, making it a preferred platform for high-octane trading. The article examines OpenSea Pro’s features and functionality, user rewards, and growing pains.
What is OpenSea Pro?
OpenSea Pro is a marketplace and aggregator that is designed for professional traders. It was launched in response to Blur’s competition, which had been siphoning off the majority of trading volume from OpenSea. OpenSea’s decision to launch OpenSea Pro was aimed at appealing to professional traders who engage in high-volume trading.
Compared to OpenSea, which is focused on retail buyers, OpenSea Pro is designed to make high-volume trading easy and appealing for its users. The platform is a rebranding of Gem, an aggregator that OpenSea acquired in early 2022. OpenSea announced Gem v2, which saw the aggregator transform itself into OpenSea Pro, on April 4, 2023.
Features and Functionality
OpenSea Pro comes with a host of features that make it attractive to professional traders. The platform compiles listings from 170 marketplaces, displays live cross-marketplace information, and comes with advanced order and listing options. The platform is also mobile compatible, and users can track live project mints.
When viewing a specific collection, users can filter for items they own and list, sell, or transfer them. OpenSea Pro’s layout and design are easy on the eyes, and the platform’s overall feel is that of a more capable platform for high-octane trading.
NFT buying and selling:
OpenSea allows users to buy and sell NFTs, including digital art, collectibles, gaming items, and more, with various payment methods like cryptocurrency and credit/debit cards.
Auctions:
Users can create and participate in auctions for NFTs, which can help determine the market value of the item.
Wallet integration:
OpenSea integrates with various wallets like MetaMask, allowing users to easily manage their NFTs and funds.
Creator tools:
OpenSea provides creators with tools to mint and sell their own NFTs, including a customizable storefront, marketing tools, and analytics.
Discovery:
OpenSea features a powerful search engine and discovery tools that allow users to find NFTs that match their interests and preferences.
Secondary market:
OpenSea also supports the secondary market for NFTs, meaning users can sell and trade NFTs that they have previously purchased.
Overall, OpenSea is a comprehensive platform for buying, selling, and discovering NFTs, with a range of features and functionalities to serve the needs of both buyers and sellers in the NFT space.
Rewards for Users
One of the main questions on the NFT community’s mind is how OpenSea Pro will incentivize user activity and encourage loyalty. While Blur has been attracting traders with staggered airdrops of its native token, $BLUR, OpenSea Pro has not yet announced any plans to introduce its own token.
However, the platform has made it clear that it intends to reward its users with NFTs and other perks. Early users of OpenSea Pro, back when it was called Gem, were airdropped an NFT called the Gemesis NFT, a gem-like digital stone. The rarity traits of the NFTs were revealed on April 19, 2023, with rarer traits going to earlier Gem users who bought an NFT on the aggregator.
While there is much speculation as to whether these NFTs will come with some future utility, OpenSea has yet to allude to anything in an official manner.
Growing Pains
OpenSea Pro’s launch has been met with mixed feelings from the NFT community. Some have praised the platform for introducing another option for high-volume traders and collectors, but there are still concerns that need to be addressed as the platform continues to evolve and grow.
What does the future hold for NFTs and OpenSea Pro?
The NFT space is still relatively new, and there are a lot of unknowns about what the future holds. However, the introduction of OpenSea Pro and the competition it brings to the NFT marketplace is likely to have a significant impact on the industry.
First, the emergence of OpenSea Pro and its focus on high-volume trading may shift the balance of power within the NFT marketplace. Previously, OpenSea was the undisputed ruler of the NFT seas, but the emergence of Blur and now OpenSea Pro suggests that there is plenty of room for competition in the space. This could ultimately lead to more innovation and better services for NFT traders and collectors.
Second, the introduction of OpenSea Pro may help to address some of the concerns around market manipulation and creator fees that have been raised in the NFT community. By offering a platform that is explicitly designed for high-volume trading, OpenSea Pro may attract the kinds of traders who are most likely to engage in market manipulation and other problematic behaviors. At the same time, the platform’s emphasis on enforcing creator royalties may help to ensure that creators are fairly compensated for their work.
Finally, the emergence of OpenSea Pro underscores the ongoing debate in the NFT community around the relationship between Web2 and Web3. While OpenSea Pro is designed to make high-volume trading easier and more appealing for its users, it is still built on Web3 infrastructure and relies on blockchain technology to facilitate transactions. This suggests that the NFT community is still interested in exploring the possibilities of Web3, even as it grapples with the challenges and limitations of the technology.
Overall, the introduction of OpenSea Pro is a significant development for the NFT marketplace and the broader crypto ecosystem. While there are still concerns and uncertainties around the platform, it is clear that it represents an important step forward in the evolution of the NFT space. As the platform continues to evolve and grow, it will be interesting to see how it impacts the wider world of NFTs and what new opportunities and challenges it presents for traders, collectors, and creators alike.
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