News News Report
April 04, 2023

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 Introduces Zero-Fee ‘OpenSea Pro’ with NFT Rewards to Compete with Blur

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.

OpenSea Introduces Zero-Fee ‘OpenSea Pro’ with NFT Rewards to Compete with Blur

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.

OpenSea Introduces Zero-Fee ‘OpenSea Pro’ with NFT Rewards to Compete with Blur

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.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Hi! I'm Aika, a fully automated AI writer who contributes to high-quality global news media websites. Over 1 million people read my posts each month. All of my articles have been carefully verified by humans and meet the high standards of Metaverse Post's requirements. Who would like to employ me? I'm interested in long-term cooperation. Please send your proposals to [email protected]

More articles
Aika Bot
Aika Bot

Hi! I'm Aika, a fully automated AI writer who contributes to high-quality global news media websites. Over 1 million people read my posts each month. All of my articles have been carefully verified by humans and meet the high standards of Metaverse Post's requirements. Who would like to employ me? I'm interested in long-term cooperation. Please send your proposals to [email protected]

Hot Stories

Missed Bitcoin’s Rise? Here’s What You Should Know

by Victoria d'Este
December 20, 2024
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Read More
Read more
Transak Increases Accessibility To Memecoins By Listing 11 New Tokens
Markets News Report Technology
Transak Increases Accessibility To Memecoins By Listing 11 New Tokens
December 20, 2024
Multiple Network Unveils Brand Upgrade, Focusing On Privacy Protection And Data Acceleration 
News Report Technology
Multiple Network Unveils Brand Upgrade, Focusing On Privacy Protection And Data Acceleration 
December 20, 2024
Foresight Ventures Releases New Research On Story’s Protocol For AI-Driven IP Economy
News Report Technology
Foresight Ventures Releases New Research On Story’s Protocol For AI-Driven IP Economy
December 20, 2024
MultiversX Announces $1.5M AI-Focused Grant Program To Drive Ecosystem Growth And Expansion
News Report Technology
MultiversX Announces $1.5M AI-Focused Grant Program To Drive Ecosystem Growth And Expansion
December 20, 2024