Blur nemesis OpenSea releases Gemesis NFT and OS Pro
Just when we thought the dust had settled on Blur and OpenSea’s battle for buyers, OpenSea, the largest non-fungible token (NFT) marketplace, has reignited the war by releasing its own “pro” trading tools this week. Technically more of a rebrand than a new product, OpenSea has repackaged its trading tools that existed under the Gem name, rebranding them as an elite suite for all traders.
Using the name OpenSea Pro, the king of marketplaces provides traders with over 170 listings in one place, floor cleaning tools, inventory management options, collection and property offers and much more.
It’s a package that’s been long overdue, and with these new tools, OpenSea hopes to stop the bleeding from their user base that had flocked to Blur.
New tools are great, but what are they for traders?
They do not get rewards like the BLUR token delivered to traders on the Blur market. OpenSea is looking to reward traders with a different type of token, starting with an NFT that is free to claim for former Gem users. The first reward, Gemesis, is a limited edition NFT to celebrate OpenSea’s new milestone moment.
For now we can only speculate what future OpenSea NFTs will be, but I’m hoping for good old-fashioned art rewards, and maybe some exclusive tokens that will give on-site access to tools or early access to coin. The sky is the limit when it comes to creative utility that can be provided through NFTs. Sometimes CryptoSlam offers a SkyBox NFT that allows the holder to advertise their place at the top of the leaderboard. Let’s see if OpenSea noticed.
OpenSea Pro’s impact on the market so far has been a non-factor, with the two days since launch some of the slowest days of trading we’ve seen this year. The Discard 500 NFT Index reflects this cooling, showing the market down 1.22% since OpenSea Pro’s release.
Several marketplaces now offer tools that allow faster, more precise and bulk trades. This sets us on course for a new phase of NFTs. As NFTs continue to lose value, most will eventually reach a low enough price for traders to trade NFTs as crypto. With an unlimited supply of NFTs, and without the “penalty” of platform fees, I expect NFTs to be traded in high volume, with traders looking for small percentage gains.
This is more likely to happen on Layer 2 blockchains where gas fees are cheaper, but it seems like a natural progression for NFTs for day trading. While markets are difficult to predict, traders are not. If there is profit to be made, you can bet traders will find that profit.
There is still much to celebrate in the NFT space, including 0% platform fees being returned to OpenSea, new NFTs from Yuga Labs, Bitcoin Stamps, incredible art being created on the blockchain and, of course, NFT NYC next week.
CryptoSlam and Rejection. News will be at NFT NYC from April 12-14 and we have some exciting news to announce there. We’re always happy to meet Slamfam, so if you’re going to be joining us, come by and say hello!
