OpenSea, one of the leading digital market platforms for non-fungible tokens, has announced massive restructuring, including lowering platform service fees, in a bid to reclaim its recently lost NFT market dominance.
OpenSea Drops Its Platform Fees To Zero
Earlier this week, Blur, an NFT marketplace and OpenSea major competitor, launched its highly anticipated utility NFT token, “$Blur.” Since then, Blur NFT marketplace has surpassed OpenSea in daily ETH trading volume as users anticipate greater returns on their NFT investments.
In order to regain market dominance, the OpenSea NFT market platform has announced three main changes, including reducing the platform fees from 2.5% to a 0% fee for a limited time, introducing optional creator earning, and improving user experience.
We’re making some big changes today:
1) OpenSea fee → 0% for a limited time
2) Moving to optional creator earnings (0.5% min) for all collections without on-chain enforcement (old & new)
3) Marketplaces with the same policies will not be blocked by the operator filter
— OpenSea (@opensea) February 17, 2023
In a short statement, OpenSea NFT marketplace has accepted the recent market defeat, citing that it hopes the new measure will trigger a ripple effect on the market platform. The OpenSea further explained:
“Recent events – including Blur’s decision to roll back creator earnings (even on filtered collections) and the false choice they’re forcing creators to make between liquidity on Blur or OpenSea – prove that our attempts are not working.”
Blur And OpenSea NFT Market Contest
OpenSea NFT marketplace began experiencing heavy market contests sometime in November 2022 after its major rival, Blur NFT marketplace, made NFT creator royalties optional to attract massive adoption. At the time,the NFT marketplace wrote:
“In the economic downturn, many of those looking to sell their NFTs are trying to sell them for as much as they can. Moving their listings to marketplaces that don’t enforce fees is one way to do this… Unless something changes soon, this space is trending toward significantly fewer fees paid to creators.”
OpenSea believes defending creator earnings on all collections and streamlining user experience will push it back to the upside trajectory. According to Nansen, on Feb. 18, Blur continued to outperform OpenSea in daily Ether trading volume. In the past 24 hours, its utility token “$Blur” has surged 26% to hit $640 million in trading volume.
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