Ever since Blur grabbed the headlines as the busiest NFT marketplace, keen fans of the space have been waiting to see what OpenSea’s response would be. Many even speculated that the platform would launch 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 open sea, a marketplace that will feature more trading tools, zero fees, and will reward traders with NFTs. The latest is understood to deter the rampant wash trading associated with token airdrops like the Traders Game, the system for getting the most rewards.
Let us introduce ourselves again 📣
As of today, Gem V2, the best-in-class NFT aggregator, is now OpenSea Pro!
💎➡️⛵️
OpenSea Pro will continue to be run by the same Gem team you know and love, but with unified branding we can offer users MUCH more.
Let’s dive in 👇🏽🧵 pic.twitter.com/pyt6QnjW7b
—OpenSea Pro (@openseapro) April 4, 2023
However, OpenSea Pro is not a newly built platform; is a rebrand of Gem V2, an NFT trading platform it acquired last April in a bid to serve “more experienced” either “Pro” users better. Now the new marketplace comes with additional features that make it an upgrade over the main platform. With that being 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, etc.
The many advantages of OpenSea Pro
Users will also be able to make purchases in different markets in a single transaction. Plus, they’ll have more flexibility when searching for listings and when it comes to managing their digital collectibles. Not to mention an aggregation of all offers in one collection across various markets.
As mentioned above, the new marketplace will not charge traders any fees for now. However, this could change over time. The main platform had to lower its standard 2.5% fee on transactions amid stiff competition from Blur.
In terms of royalties, OpenSea Pro will adopt its parent platform’s current model of 0.5%, with users having the option to pay more if they wish.
Most importantly, traders in the new marketplace will be rewarded with NFTs. OpenSea has not yet revealed more information about it. But for now, Gem users who purchased an NFT through the platform before March 31 will be eligible to mint a free NFT. “NFT Gems”.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product 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 outlets around the world.
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