OpenSea Cuts Fees And Royalties, Here’s What Happened!
Recently, the world’s largest NFT marketplace, OpenSea, announced some massive changes they are making to their platform after facing some heat from their competitor last week.
OpenSea’s New Royalties Policy
On Friday, OpenSea announced in a long Twitter thread that they have decided to temporarily eliminate its marketplace fee for a “limited time,” as well as moving to optional royalties, only enforcing a minimum of a 0.5% mandatory creator royalty fee. Along with that, OpenSea has stated that marketplaces with similar policies would not be blocked by the platform’s operator filter.
“We thought we could catalyze widespread enforcement of creator earnings, and we hoped others might come up with more resilient solutions – this hasn’t happened.” OpenSea wrote.
“This is the start of a new era for OpenSea. We’re excited to test this model and find the right balance of incentives and motivations for all ecosystem participants – creators, collectors, and power buyers and sellers.”
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
OpenSea vs BLUR
This new massive change in policies comes just days after NFT marketplace Blur, one of OpenSea’s top competitors at the moment, suggested their users to block OpenSea due to conflicting Royalties policies.
Despite originally standing by their decision to respect NFT royalties earlier this year, it seems that pressure from the rapid growth of Blur has caused OpenSea to change their policy.
“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.” the company wrote on their Twitter thread.
OpenSea has also been facing some heat as Blur’s rapid growth has been threatening their position as the top NFT Marketplace in the space. Just recently it was reported that Blur managed to beat OpenSea, boasting $100 million in sales volume compared to OpenSea’s $19.31 million in the span of 24 hours.
Has Blur replaced OpenSea yet pic.twitter.com/DWkpeODrge
— Alex❓ (@ShiLLin_ViLLian) February 19, 2023