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OpenSea Pro launches on Polygon – Here’s why it’s a big move

2min Read

Users of the NFT marketplace aggregator OpenSea would now be able to buy, deposit, withdraw and list NFTs from the Polygon network.

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  • Users can choose between Ethereum and Polygon as their preferred chain on the updated dashboard.
  • OpenSea was the largest NFT marketplace in terms of NFT sales count.

In a big push towards cross-chain compatibility, popular NFT marketplaceĀ OpenSea Pro announced its launch on the Polygon [MATIC] network, as per a 2 November X post. Users would now be able to buy, deposit, withdraw and list NFTs from the Polygon network on one of the largest NFT aggregators.

New features for OpenSea customers

AMB Crypto examined OpenSea’s dashboard and spotted the feature that allows consumers to choose between Ethereum [ETH] and Polygon as their preferred chain. The UX also allowed for seamless switching between the two and even simultaneous access to both.

Source: OpenSea Pro

OpenSea also announced the implementation of a bridge and swap feature. The new functionality, powered by interoperability protocol Socket, would help users achieve two objectives. Not only would they be able to bridge tokens to other chains, but also exchange them for different ones in a single transaction.

Is this a good move?

The pivot towards Polygon comes after the Binance [BNB] NFT marketplace discontinued listing of Polygon NFTs on its platform. The drastic step was attributed to efforts to “streamlining product offerings” on the marketplace.

However, OpenSea Pro’s strategy could be a well-thought one and rooted in the recent performance of Polygon NFTs. According to a report by Messari, the average weekly NFT trading volumes in the last quarter surged by 131% QoQ increase in Q3.

Source: Messari

Battle among NFT marketplaces rages on

Only time will tell if OpenSea’s bet on Polygon will provide good returns. Recall that OpenSea Pro was launched to cater to professional NFT traders, as a response to the growing popularity of Blur [BLUR].

At the time of writing, OpenSea was the largest NFT marketplace in terms of sales count, according to a Dune dashboard. OpenSea enjoyed a 48% market share, followed by Blur at 40%. OpenSea Pro bagged the third position at 8.2%.

However, by virtue of catering to professional traders, Blur was the market leader in terms of sales volume. It accounted for an overwhelming 67% share.

Source: Dune

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Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance. A so-so Bitcoin maximalist, Aniket has a strong disdain for memecoins and the unfounded frenzy they seem to generate every market season. Coming from a strong engineering background, Aniket previously worked as a Content Manager for TV9 Network. Before his stint over there, he was an Associate Multimedia News Producer at Reuters.
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