OpenSea Unveils New Marketplace for Professional Traders

Reading Time: 2 minutes
  • Leading NFT marketplace OpenSea has launched a marketplace for pro traders
  • The marketplace will initially charge zero fees
  • Dubbed OpenSea Pro, it’s an upgrade of Gem, an NFT aggregator it acquired in 2022

Popular NFT marketplace OpenSea has launched a new collectibles trading platform with extra tools for professional traders. Dubbed OpenSea Pro, the platform is an upgrade of Gem, an NFT aggregator OpenSea acquired in April last year. OpenSea revealed that the new marketplace will be run “by the same Gem team,” an indication that it will be a separate offering from the standard marketplace.

Trade NFTs from Over 170 Marketplaces

OpenSea Pro aggregates digital artworks from over 170 marketplaces including OpenSea’s recent rival Blur and provides superior tools such as the option to view live cross-marketplace data. Pro traders can sift through NFTs across the NFT world using specific criteria such as traits and item price and also access a superior way to manage an NFT inventory.

Other notable features include offering optimized transaction fees, batch transfers and providing an overview of live mints across marketplaces. OpenSea has maintained its existing creator fee model which requires collectors to tip creators a minimum of 0.5% on collections that don’t employ a blockchain-based method, like the one launched by Magic Eden and OpenSea, to enforce royalties. 

List NFTs for Free, for Now

However, OpenSea has hinted at reactivating its 2.5% platform fees which it had halted as a way to keep collectors from crossing over to Blur, which has no platform fees and whose popularity was threatening OpenSea’s trading volume

However, OpenSea Pro users can list collectibles for free on OpenSea although “for a limited period of time.” OpenSea is celebrating the launch of the new platform by offering a free Gemesis collectible to anyone who used Gem to buy an NFT before the end of last month. It also urged users to “keep [their] spy glasses ready” for another set of NFT rewards.

With OpenSea Pro bringing NFTs closer to the people, it’s likely to gain popularity among collectors and creators.