Opensea, the largest marketplace for non-fungible tokens (NFT), announced major changes to its fee structure and policies in response to a shift in the NFT ecosystem The company has announced that for a limited time, it will offer a zero commission rate. The company detailed that for a limited time it will offer zero fees and an optional creator revenue model of at least 0.5% for all collections that do not use on-chain enforcement.
Lower fees in the face of stiff competition from rivals such as Opensea, Blur, Looksrare, and X2Y2
Openseaannounced Friday that NFT marketplace Opensea will lower its fees in response to major changes that began in October 2022.” We have begun to see significant volume and users migrate to NFT marketplaces that do not fully enforce creator revenue.” Oppensea stated.” Today, that shift is accelerating dramatically despite our best efforts.”
Opensea noted that approximately 80%of the totalecosystem volume is not paying full creator revenue, with most of the sales volume moving to a commission-free environment.The NFT market has recently faced competition from the new marketplace Blur, which in short order 1.4 billion in all-time sales. However, Blur’s all-time sales are small compared to Onpensea’s$34.53 billionin all-time sales.
The NFT market also faces competitionfrom Looksrare and X2Y2 in the digital collectibles market. Opensea hopes that the changes will ensure the right balance of incentives and motivation for all ecosystem participants, including creators, collectors, power buyers, and sellers. We are also pleased to announce that we will be updating our operator filters to allow sellers to sell through NFT marketplaces with the same policies, including Blur.” This marks the beginning of a new era for Onpensea. We are excited to test this model,” the company said.
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