OpenSea Introduces Zero-Fee ‘OpenSea Pro’ with NFT Rewards to Compete with Blur
In Brief
OpenSea Pro Launched with Zero fees temporarily
OpenSea to reward Gem users with Gemesis NFT
OpenSea, a leading NFT marketplace, has launched OpenSea Pro, a new platform designed to attract professional users and compete with its rival Blur. The revamped marketplace offers advanced trading tools, no marketplace fees (temporarily), and plans to introduce NFT-based trading rewards.
OpenSea Pro is an upgraded and rebranded version of Gem V2, an NFT marketplace aggregator acquired by OpenSea in April 2022. The platform now aggregates listings from over 170 NFT marketplaces, including platforms such as Blur, LooksRare, and X2Y2. This is an anticipated move, allowing OpenSea not only to attract pro users but to keep them on the platform. Something that Rarible did some time ago as well.
The main OpenSea marketplace recently reduced its standard 2.5% platform fee in response to Blur’s growing dominance. However, with the launch of OpenSea Pro, the standard fee will be reinstated, while the Pro platform temporarily offers a 0% fee for traders.
As for creator royalties, OpenSea Pro will continue with the current model, with a 0.5% minimum royalty for projects without on-chain enforcement. Sellers can opt to pay more if they wish. Royalties are fees paid to the original NFT creators, typically ranging from 5-10% of the secondary sale price.
Wen token?
Blur recently surpassed OpenSea in Ethereum NFT trading volume, with an increase in NFT trading activity over the past week doubling Ethereum NFT volume. Dune data shows us that Blur does over $235 million in weekly volume, 4 times more than what OpenSea currently has.
Blur’s rapid growth in the NFT space can be attributed to its BLUR token rewards, which initially distributed over $200 million worth of tokens in February. Nevertheless, Blur’s rapid growth has faced criticism for encouraging traders to generate massive wash-trading volume to farm Blur rewards.
On top of that, OpenSea still has 2 times more active users than Blur, with nearly 118,000 unique Ethereum wallets compared to Blur’s 55,000 in the past week, according to the OpenSea vs Blur Dune dashboard.
OpenSea aims to differentiate itself by offering NFTs as rewards, although the company has not yet disclosed further details. In addition, OpenSea will provide a free “Gemesis” NFT mint to users who purchased an NFT through Gem before March 31.
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