The largest non-fungible token (NFT) marketplace, OpenSea, has reignited the war by unveiling their own “pro” trading tools this week, just when we thought the dust from Blur and OpenSea’s competition for customers had cleared. Technically speaking, OpenSea has repackaged its trading tools, which were formerly known by the moniker Gem, and relaunched them as an exclusive suite for all traders.
The king of marketplaces is now offering traders over 170 listings in one location, floor-sweeping tools, inventory management choices, collecting and trait offers, and much more under the name OpenSea Pro.
Although new technologies are excellent, what do traders gain from them?
The BLUR token, which is distributed to traders on the Blur marketplace, is not a reward they receive. A free NFT is being offered to former Gem users as part of OpenSea’s effort to reward traders with a different kind of token. To commemorate OpenSea’s new milestone, the first reward, Gemesis, is a limited-edition NFT.
Future OpenSea NFTs are still purely speculative, but I’m looking for some traditional art incentives and perhaps some limited-edition tokens that grant early access to the mint or on-site access to tools. When it comes to the creative utility that can be provided through NFTs, the sky is the limit. CryptoSlam occasionally provides a SkyBox NFT, which gives the owner display advertising space at the top of the leaderboard. Check to see whether OpenSea noticed.
The two days after the debut of OpenSea Pro have been among the least active trading days we’ve observed this year, so its impact on the market has been minimal thus far. The Forkast 500 NFT Index, which shows the market down 1.22% since the launch of OpenSea Pro, illustrates this cooling off.
Tools that enable quicker, more accurate trades and bulk trades are currently available on numerous platforms. We are now on a route to a new phase of NFTs because of this. Most NFTs will eventually reach a low enough price as they continue to lose value for traders to exchange them similarly to cryptocurrency. NFTs have a limitless supply, so I anticipate that they will be traded in great volume with investors seeking minuscule percent gains without the “penalty” of platform fees.
Although gas costs on Layer 2 blockchains make this more likely to occur, it seems like a logical step forward for day trading NFTs. Markets are challenging to forecast, but traders are not. You can bet that traders will locate a profit if one is available.
