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OpenSea happened to have been undoubtedly the largest-ever NFT marketplace globally till Blur took over and seemed to have claimed the top position for itself. This has left OpenSea trailing behind in second place. This top title has been held by the entity for a long period now, and it has made it its aim and goal to regain the same previous stature. The entity’s first step in just that direction happens to begin with its Pro non-fungible token (NFT) trading platform going live at long last and after an extremely long wait.
On its own part, Blur happened to have become the leader in terms of total volume with regard to U.S. dollars. One of the ways the entity managed to achieve this is by providing an exceptionally generous incentive module, which happened to have contained fewer fees, as well as airdrops and token incentives for the benefit of traders. Through this, it was able to snatch the overall market share of OpenSea and the position it commanded.
All things considered, OpenSea still happens to be on top if one considers the number of active traders. It was in April 2022 when the entity took over the NFT aggregator service Gem. Gem, on its part, happens to be providing the traders the opportunity of being able to carry on activities related to the buying as well as the selling of NFTs right through various marketplaces. OpenSea wants to regain its share from Blur.
OpenSea has happened to have incorporated Gem with its Pro product. According to a statement released by their office, they happen to be extremely pleased to be able to come out with a much-upgraded retinue of features that provide the opportunity to collectors to be able to scour better propositions across 170 marketplaces and also get connected with advanced tools that are required for their automation purposes.
According to Brad Kay, who happens to be a Block research analyst, he does not feel all of this will actually be enough to put Blur’s position in second place. In his opinion, the cost involved in moving to OpenSea is not going to be economical in the least. He also strongly feels that the prime traders, as well as the whales, will remain with Blur.
OpenSea seems to be slightly influenced by Blur’s strategy and trying to implement some of them. They also have begun the process of providing a bunch of incentives. It will also provide the holders the opportunity of being able to carry out the listing of NFTs on Pro without having to pay any sort of fees whatsoever. Over and above that, it will be offering NFT rewards to early acceptors of Gem. Community rewards will also happen to be present, as per their future plans.