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A few days after Blur<\/a> promised to reward NFT creators that block their collections<\/a> from trading on OpenSea<\/a>, the leading NFT marketplace has hit back by dropping its platform and creator royalty fees. OpenSea made the announcement via a Twitter thread that explains the circumstances that led to their current position.<\/p>\n We\u2019re making some big changes today: \u2014 OpenSea (@opensea) February 17, 2023<\/a><\/p>\n<\/blockquote>\n The statement notes that for a \u201cpromotional period,\u201d<\/em> OpenSea will charge no marketplace fees, while also transitioning to an optional creator earnings model, with 0.5% being the minimum, although sellers can pay more if they like. The second rule applies to all collections that don\u2019t use on-chain enforcement, whether old or new.<\/p>\n In addition, OpenSea has updated its operator filter, thus allowing users to sell NFTs on marketplaces that don\u2019t fully honor royalty payments to creators. This includes Blur, which complained of OpenSea using underhanded tactics to block sales on its platform. Thus, creators won\u2019t be forced to choose between the two platforms to earn royalties on their collections.<\/p>\n \u201cThis is the start of a new era for OpenSea. We\u2019re excited to test this model and find the right balance of incentives and motivations for all ecosystem participants \u2013 creators, collectors, and power buyers and sellers.\u201d<\/em><\/p>\n OpenSea has experienced stiff competition for a share of the NFT marketplace since Blur launched last October. To win over users, Blur has added a bunch of incentives that have worked like magic, helping the platform become the main competitor to OpenSea. The platform has gotten so big that OpenSea can\u2019t simply ignore it, and now they are feeling the pressure.<\/p>\n \u201cToday, 80% of total ecosystem volume does not pay full creator earnings, and the majority of volume (even accounting for inorganic activity) has moved to a zero-fee environment.\u201d <\/em>Therefore, despite their best efforts to defend creator royalties, they have fallen short. Thus, they feel a change in strategy is inevitable.<\/p>\n \u201cWhile we continue to uphold on-chain enforcement through the operator filter, we\u2019re moving to a different fee structure that reflects the needs of today\u2019s ecosystem.\u201d<\/em><\/p>\n Following the tweet, Blur has continued to see astronomical trading activity, now overtaking OpenSea\u2019s trading volumes as high level collectors look to secure more of its rewards token. As of writing, Blur has recorded over $500 million in Ethereum sales in the last week alone.<\/p>\n Want more? Connect with NFT Plazas<\/b><\/p>\n Join the Weekly Newsletter *All investment\/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.<\/em><\/small><\/p>\n Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the globe.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n
1) OpenSea fee \u2192 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<\/p>\nBlur\u2019s Meteoric Rise Has Put OpenSea Under Pressure<\/h4>\n
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