OpenSea’s move to launch OpenSea Pro has been seen as a strategic one to recapture its dominance in the NFT marketplace. OpenSea Pro offers pro collectors more advanced tools to manage their digital assets, which include a more robust and efficient marketplace, zero marketplace fees, and NFT-based trading rewards. OpenSea Pro is OpenSea’s latest effort to combat rival Blur, which overtook OpenSea in NFT trading volume in February. Blur’s success is largely attributed to its BLUR token rewards program, which has drawn scrutiny and criticism for attracting traders who rapidly flip NFTs en masse to generate token rewards.
Despite losing the top spot in terms of NFT marketplace trading volume, OpenSea still boasts more active users than Blur. OpenSea had nearly 91,000 unique Ethereum wallets over the past week, compared to about 41,000 for Blur, according to public blockchain data aggregated by Dune. OpenSea Pro is aimed at pro collectors seeking more control over their purchases, collection offers, and listings. It provides advanced trading tools such as Live Cross-Marketplace Data, Advanced Orders, Powerful Inventory Management, Instant Sales, and the Most Optimized Gas Fees.
OpenSea Pro also gives users more flexibility when searching for NFT listings and managing their inventory of digital assets. It aggregates listings from over 170 NFT marketplaces large and small, including notable platforms like Blur, LooksRare, and X2Y2. It also aggregates open NFT collection offers across marketplaces. Furthermore, OpenSea’s current model of requiring only a 0.5% minimum royalty on projects that do not use an on-chain enforcement method will be maintained in OpenSea Pro.
In contrast to Blur, which rewards traders with BLUR tokens, OpenSea Pro will offer a different type of reward to traders. However, the company has yet to reveal details about this. Separately from the reward NFTs, OpenSea will also offer a free “Gemesis” NFT mint for users who bought an NFT via Gem before March 31.
OpenSea has the advantage of offering a wider range of NFTs, thanks to its aggregation of listings from over 170 NFT marketplaces. This gives collectors more options to choose from and increases the likelihood of finding rare or unique NFTs. Additionally, OpenSea is committed to sustainability and plans to offset the carbon footprint of its NFT transactions by investing in renewable energy projects.
While OpenSea Pro is aimed at pro collectors, the company will need to continue to attract new users to its platform if it wants to remain a dominant player in the NFT space. One area where it may need to improve is in the onboarding process for new users. In comparison to OpenSea, Blur has focused on creating a seamless user experience and incentivizing traders with its BLUR token rewards program. This has proven to be successful, as Blur has quickly risen to the top of the NFT space in terms of trading volume.
However, Blur has faced criticism for attracting traders who rapidly flip NFTs en masse in an effort to generate token rewards. This has led to concerns about the sustainability of the platform and the long-term value of the NFTs being traded. In addition, Blur has faced technical issues with its platform, including downtime and slow transaction times. While these issues may be temporary, they have led some users to question the reliability of the platform.
In conclusion, as the NFT market continues to evolve and mature, more players are expected to enter the space, and new innovations are likely to emerge. Whether OpenSea, Blur, or another platform emerges as the dominant player remains to be seen. Nonetheless, the NFT marketplace is here to stay, and it will continue to play an important role in the world of digital art and collectibles.