OpenSea launches NFT marketplace OpenSea Pro

OpenSea launches NFT marketplace OpenSea Pro

OpenSea Pro, the aggregator for active traders, combines sale listings from 170 other NFT marketplaces into one platform, bringing together sale listings from 170 other NFT marketplaces.

Users can sell NFTs in OpenSea Pro for a limited time with no fees. The firm's trading fees on OpenSea's regular market, which the company slashed to zero in February, have been restored to 2.5% by the launch of Pro.

The launch comes at a time when Blur, a competing marketplace and aggregator, has been dominating the NFT trading space, constantly chewing away at OpenSea's market share since its launch in October 2022.

Although Blur has been averaging about three times OpenSea's daily volume of roughly $35M, the upstart NFT platform has been taking its lumps, with Blur experiencing significant backlash to its move to extend its incentive program until May 1, which may drive some disgruntled traders back to OpenSea.

Blur is offering a platform that encourages bidding on NFTs with a future airdrop of BLUR tokens. This has caused inorganic trading, which hasn't really been driven by collectors, or even traders trying to make a profit outside of efforts to game Blur's program. These airdrop-hungry bidders bend the NFT market around Blur's incentives, distorting price discovery.

OpenSea Pro's interface is arguably more similar to Blur than OpenSea's marketplace - while the marketplace page heavily includes art from NFT collections, OpenSea Pro provides a grid of the top NFT projects by trading volume, highlighting its focus on traders.

OpenSea Pro is an updated version of an aggregator called Gem, acquired by OpenSea in April last year.

The OpenSea team had hinted at a upcoming rewards program for users of the Pro platform. OpenSea has notaired any rewards to early users, while competitors like LooksRare and Blur have successfully attracted users with token rewards.

The team said that future rewards will feature NFTs, implying that a fungible token may not be the focus of any future airdrop.