• OpenSea Pro was rebranded and unveiled to counter Blur’s dominance in the NFT market.
• Data suggests that OpenSea Pro is now outperforming Blur by daily transaction count.
• The launch of OpenSea Pro with zero fees and advanced order type features was highly tactical, potentially due to anticipation of higher opportunity costs and potential airdrop incentives.
Rise of OpenSea Pro in NFT Market
The emergence of new players has changed the dynamics in the Non-fungible Token (NFT) market. Blur, which had been the world’s most popular NFT marketplace since its launch last October, appears to have lost its title as OpenSea Pro retaliates.
Advanced Order Type Features on OpenSea Pro
OpenSea Pro was rebranded and unveiled to court active traders away from Blur. The counteroffensive proved somewhat successful as data suggest that the new “polished” NFT aggregator has surpassed Blur by daily transaction count. Delphi Digital’s analysis indicates that OpenSea Pro has surpassed transactions since rebranding. This essentially means that NFT traders are conducting more transactions on OpenSea Pro than on Blur, despite both platforms offering 0% fees and similar features.
Tactical Launch of OpenSea Pro
The launch of OpenSea Pro, an aggregator geared toward active traders, was highly tactical as it boasted zero fees for a promotional period and advanced order type in the wake of fierce competition from its rival. Hence, one of the main reasons for OpenSea being well-received could be due to the fact that pro traders are looking to benefit from the new NFT rewards in anticipation of higher opportunity costs. A potential airdrop could also be another factor catalyzing this trend by enticing new users.
Decline in Bidding & Listing Incentives for Blur
On the other hand, Blur’s bidding and listing incentives have become relatively saturated according to Delphi Digital; it has become difficult to earn points despite their 2x multiplier incentives lasting through April 2021.
Conclusion
With its advanced order type features coupled with zero fees for a promotional period, OpenSea is taking advantage over its competitor Blur by overtaking it in daily transaction count since its rebranding & unveiling last year; however only time will tell if it can sustain this growth or not!