OpenSea launches Marketplace for Pro Traders
Ever since Blur stole the headlines as the busiest NFT marketplace, avid followers of the space have been waiting to see what OpenSea’s response would be. Many even speculated that the platform would release its own token to incentivize users like its main rival did. However, OpenSea has chosen to take a different path.
According to an official tweet shared on April 5, the platform has introduced OpenSea Pro, a marketplace that will feature multiple trading tools, zero fees and reward traders with NFTs. The last bit is understood to discourage the widespread wash trading associated with token airdrops as traders game the system to earn the most rewards.
However, OpenSea Pro is not a newly built platform; it is a rebrand of Gem V2, an NFT trading platform it acquired in April in an effort to profit “more experienced” or “pro” users better. Now the new marketplace comes with additional functions that make it an upgrade compared to the parent platform. That said, OpenSea Pro users can expect to see aggregated NFT listings from over 170 NFT marketplaces, both large and small, such as X2Y2, Blur, LooksRare, Magic Eden, and so on.
The many advantages of OpenSea Pro
Users will also be able to make purchases from different marketplaces in a single transaction. In addition, they will have more flexibility when searching for listings and when it comes to managing their digital collectibles. Not to mention a collection of all offers in one collection across various marketplaces.
As mentioned earlier, the new marketplace will not charge traders any fees for now. However, this may change over time. The parent platform had to lower its standard 2.5% fee on trades amid fierce competition from Blur.
As for royalties, OpenSea Pro will adopt its parent platform’s current model of 0.5%, with users given the option to pay more if they feel like it.
Most importantly, traders on the new marketplace will be rewarded with NFTs. OpenSea has not yet published more information about this. But for now, users of Gem who purchased an NFT through the platform before March 31 will be eligible to create a free “Gemesis NFT.”
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*All investment/financial opinions expressed by NFT Plazas are from personal research and experience of our site moderators and are intended as educational material only. Individuals are required to research all products before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media around the world.
