The leading NFT marketplace, OpenSea, has made several major announcements over the past few hours. Through the official Twitter account, OpenSea noted various changes in the structure of fees and royalties, which certainly have a significant impact on the activities of users on the NFT platform – collectors and creators.
OpenSea To Introduce Some Important Changes
At thread published on Friday, February 17, OpenSea first announced that it will implement a 0% transaction fee policy – although only for a limited time. Prior to this announcement, OpenSea used to charge a 2.5% trade levy which was a large part of its revenue.
Along with this announcement, OpenSea tweeted that it will now use “optional creator revenue,” which mandates collectors only pay a 0.5% royalty fee for all new and old NFT projects that do not have an on-chain enforcement method. However, users are free to pay a higher percentage if they see fit.
This move has been the main point of attraction for the new OpenSea changes because usually, the creators enjoy a fixed royalty fee between 5%-10% of the sale price, becoming the main source of continuous income for the NFT collection after the launch.
With this new policy change, OpenSea joins many other NFT markets that focus their operations on incentivizing traders rather than collectors.
Explaining the reasons for its actions, OpenSea began:
“Today, ~80% of the total volume of the ecosystem does not fully pay the creator’s income, and the majority of the volume (even accounting for inorganic activities) has moved to the environment without costs. As we continue to enforce the chain through the operator filter, we move to a cost structure that differences that reflect the needs of the current ecosystem.
In addition, OpenSea also announced that the operator filter will allow sales on NFT markets with the same policy – including the fast-growing NFT market, Blur – allowing creators to receive full royalties worldwide. this platform.
OpenSea’s Major Changes Are In Competing With Blur
Launching in November 2022, Blur is a new NFT market that has taken the web world by storm3, becoming one of the fastest growing markets. project on the block board. Despite only three months of operation, Blur is now the second largest NFT market based on daily trading volume – only OpenSea.
Due to the growing number of users, Blur has been in the news for the past few weeks as the main competitor of OpenSea giving money to the world’s largest market. In fact, Blur temporarily recorded a higher daily trading volume than OpenSea for the first time on Wednesday, according to data by Nansen.ai.
Although this development is mainly sponsored by the new release of Blur’s original token, BLUR, the platform clearly shows enough potential to displace OpenSea as the world’s leading NFT market.
In addition, there have also been several statements of direct war between the two parties, with Blur releasing an official blog post advising users to boycott OpenSea due to the former platform’s policy that prevents creators from earning royalties on the two trading platforms.
However, according to OpenSea’s new operator filter policy that will not block operations with platforms with the same policy, for example, Blur, there seems to be some resolution.
That said, OpenSea remains the largest NFT market for Blur which has been impressive for the past few months. And after yesterday’s buzzing announcement, OpenSea has shown its intention to maintain its market dominance of 23% or even increase it.
In other news, the crypto market recorded significant gains last week, reaching a current market capitalization of $1.073 trillion.
The crypto market is worth $1.074 trillion | Source: TradingView.com
-Featured Images: DPReview, Charts from TradingView.