OpenSea launches an NFT aggregator
OpenSea has launched Opensea Pro for its users. The NFT aggregator is an independent platform that allows users to buy NFTs from several marketplaces with a single transaction.
By Anna B Kiwanuka
Leading non-fungible token (NFT) marketplace, OpenSea recently revealed that it’s rolling out OpenSea Pro, a marketplace with advanced features targeting the growing market of professional NFT traders that has helped rival NFT marketplace Blur surge since its launch.
“To support this growing community, we acquired Gem, the leading NFT aggregator, in April. As power users continued to push the frontiers of what’s possible with NFTs, we recognized the opportunity for both Gem and OpenSea to offer more. Today, we’re officially joining forces to unveil OpenSea Pro (previously Gem v2) – the fastest and most powerful NFT marketplace aggregator available,” OpenSea stated on its site.
According to OpenSea, the new product is a rebrand of Gem v2, which is the newest version of Gem’s NFT aggregation platform. The Nft marketplace acquired Gem in April 2022, with plans to bring its professional trading tools to OpenSea users.
OpenSea Pro will operate with 0% fees and pull listings across 170 marketplaces to provide the best deals for traders. It will support advanced floor-sweeping for traders, instant sales, inventory management, the ability to optimize gas fees for efficient trades, a watchlist feature, and more. It will also be available on mobile devices.
Devin Finzer, CEO of OpenSea, stated that Gem has helped OpenSea build OpenSea Pro to become the most efficient NFT trading tool on the market.
“Gem v2 is amazing, you know, it’s an incredible aggregator tool, but this is really a dramatic step up from it. It’s incredibly fast, and incredibly real-time. It’s really the fastest user experience for purchasing NFTs,” he said.
Since the marketplace’s debut in October, competition for a market share of NFT trading volume between OpenSea and zero-fee platform Blur has risen quickly. As a result, OpenSea lowered its required marketplace fees to 0% in an effort to attract Blur traders.
OpenSea said in its launch of OpenSea Pro it’s bringing its marketplace fees back to the main platform at 2.5%.
Finzer said, “We’ll certainly, with regards to fees, continue investing the revenue back into making the space stronger.”
While OpenSea’s move to release OpenSea Pro comes at a time when the marketplace is in fierce competition for the top spot with Blur, Finzer specified that OpenSea will still focus on providing tools and improvements for retail traders and creators, including focusing on new partnerships, primary drops, and smart contract standards.
“We’re investing in really exciting features that make it easier for people to explore and purchase their first NFT and then really push the use cases forward for NFTs. Folks can come to OpenSea and graduate to a professional experience,” Finzer said.