Friday Focus: OpenSea & Magic Eden to Launch New Landmark Features

Simply Explained, OpenSea Launches ‘Pro’ Marketplace & Magic Eden Releases Bitcoin Ordinals Launchpad 

Author

Giorgia Bettio
April 07, 2023

OpenSea & Magic Eden to Launch New Landmark Features

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NFT Innovations Prompt OpenSea & Magic Eden to Launch New Landmark Features

2023 has already seen its fair share of disruptive newcomers in Web3 space, such as NFT marketplace Blur, or the grand arrival Arbitrum’s native $ARB token.

By nature, Web3 is an industry that lives and breathes capitalism (albeit with a refreshing creator and consumer-focused spin to it), which is why with the arrival of a new disruptor every month (as it seems), established and seemingly untouchable Web3 companies have found themselves looking over their shoulder.

With this in mind, the past week has served up two fine examples of industry big-hitters flexing their muscles and upping their game to ward off competition. And funnily enough, such entities feeling the pressure happen to be two of the largest NFT marketplace in existence- OpenSea and Magic Eden.

OpenSea Launches ‘Pro’ Marketplace

On Tuesday April 4th, the world’s leading NFT marketplace OpenSea announced its new ‘Pro’ marketplace, which, as its name suggests, is aimed at NFT traders of the professional variety.

Through their membership, OpenSea Pro users will be able browse listings from across 170 NFT marketplaces, and will be able to do so whilst enjoying zero fees.

Other features Pro traders can enjoy include advanced floor sweeping/order tools, live cross-chain data analytics, a proficient inventory management system, instant sales, inventory management, gas fee optimisation tools, a watchlist feature, and more. It’s also important to note that the feature is supported on OpenSea’s mobile versions.

On the flip side, traders that don’t decide to opt into OpenSea’s Pro version will face the return of platform trading fees- this time at a 2.5% rate.

OpenSea Pro comes almost a year after the marketplace acquired fellow NFT platform Gem in May 2022. The acquisition was made with the intent of bringing Gem’s NFT aggregation tools to OpenSea users, which is why OpenSea Pro is essentially a rebrand of Gem v2 (i.e. the latest version of the Gem NFT aggregation platform).

With this in mind, entry into the new platform is granted through ownership of a ‘Gemesis’ NFT, which, in a gesture of appreciation to the Gem NFT community, can only be minted by those who used the Gem platform before March 31st 2023 (with OpenSea having took a snapshot on such date).

The assets- which are free to mint- have a total supply of 180,000. Around 84,000 of the NFTs have been minted thus far, with over 3460 ETH changing hands throughout their secondary sales.

At the time of writing, the collection’s floor price sits at 0.0358 ETH- or about $67- which means serial traders will be able to make their money back relatively swiftly given the 2.5% fee alternative at hand.

Magic Eden Releases Bitcoin Ordinals Launchpad

In expanding on its status as a multi-chain pioneer, Magic Eden has finally released its highly-anticipated launchpad for helping users create and launch the new kid on the non-fungible block, Bitcoin Ordinals.

The launchpad will serve as a sales platform for creators who’ve inscribed their digital creations on the Bitcoin blockchain. Here, assets that have already been inscribed on the blockchain can be listed, as well as those in which are created through Magic Eden’s own inscription support process.

The first collection to land on Magic Eden’s new launchpad is Deadjira, which is a Bitcoin derivative of Ethereum NFT project Godjira. Over the coming weeks, more Ordinals collections will drop on the launchpad, including a Bitcoin counterpart of popular Ethereum NFT project Lazy Lions, as well as a project from Solana NFT game Genopets.

The Bitcoin non-fungible ecosystem is nearing-on its first million inscriptions, as at the time of writing, around 960,0000 have graced the blockchain thus far.

Since adding support for Bitcoin Ordinals last month- or should I say, a mere two weeks ago- Magic Eden has established itself as the apex marketplace for trading such type of asset- with around $3.3 million trades taking place on it thus far. Helping such cause is the fact that it was audited and instated as the first safe-for-trading Bitcoin-supported NFT marketplace.

Thus far, the infamous Solana-come-Ethereum NFT collection DeGods is topping the Bitcoin charts with its derivative Ordinals collection, followed by collections such as BITCOIN APES and JOMOHippo.

Final Thoughts

Intuitively, such moves come as part of the established platforms’ efforts to keep up with relentlessly evolving Web3 space.

On the OpenSea front, its ‘Pro’ marketplace launch effectively signals the platform’s response to the arrival of Blur- i.e. the zero-fee NFT marketplace that has taken a considerable chunk out of its NFT trading market share over the past couple of months.

On the other hand, Magic Eden’s launchpad could perhaps simply be viewed as a ploy to maintain its place at the summit of the Bitcoin Ordinals trading ecosystem. 

Article by RoryKeyz

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1. Party Icons Raffle Winners

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