OpenSea Launches OpenSea Pro

OpenSea, the leading Non-Fungible Token (NFT) marketplace, made a statement on Tuesday evening. Opensea announced the launch of OpenSea Pro, a marketplace with advanced features aimed at the growing market of professional NFT traders.

The new product will meet users as a rebranding of Gem v2, the newest version of Gem’s NFT collection platform. OpenSea acquired Gem in April 2022 with plans to bring professional trading tools to OpenSea users.

OpenSea Pro will run at 0% fee and pull listings from 170 marketplaces to offer investors the best deals. According to the statement, the app will support advanced floor sweeping for traders, instant selling, inventory management, the ability to optimize gas fees for efficient transactions, a watchlist feature and more. OpenSea Pro can also be used on mobile devices.

OpenSea CEO Devin Finzer told CoinDesk that Gem helped OpenSea make OpenSea Pro the most efficient NFT trading tool on the market. Finzer stated that OpenSea will focus on providing improvements for tools for retail traders and creators, including new partnerships, primary drops and a focus on smart contract standards.

NFT trading volume market share competition between OpenSea and zero-fee platform Blur has grown rapidly since the marketplace launched in October, leading OpenSea to reduce the required marketplace fees to 0% to lure Blur traders. OpenSea said it will bring marketplace fees back to the main platform at 2.5% at the launch of OpenSea Pro.

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