Feb 19, 2023
OpenSea Announces Major Changes to Reclaim Market Dominance
As the competition in the Non-Fungible Token (NFT) marketplace continues to heat up, major NFT marketplace OpenSea is taking steps to ensure its dominance in the space. On Feb. 18, NFT marketplace Blur surpassed OpenSea in daily Ether (ETH) trading volume, prompting OpenSea to introduce a series of changes to win back its customers. These changes include a 0% fee for a limited time, introducing optional creator earnings, and leniency on other operators.
OpenSea admitted that users have been leaving for other “NFT marketplaces that don’t fully enforce creator earnings”, and the new measures are an attempt to revitalize its position. OpenSea believes that it has defended creator earnings on all collections while reiterating its support for Operator Filter — a function aimed at helping creators secure their revenue for the resale of their work.
The main reason for Blur’s success over OpenSea is its new royalty policy, which showcases differences in royalty payment options between its platform and OpenSea. OpenSea’s current royalty policy prevents collections from being able to earn royalties everywhere, whereas Blur allows creators to earn royalties on multiple platforms.
Community members have highlighted the importance of competition in the industry, as without zero royalty marketplaces, more prominent players like OpenSea would eventually increase fee structure, which would hurt creators and collectors. OpenSea plans to continue testing the model and identify what works best for the community and the organization.
The recent appointment of YouTube’s new CEO Neal Mohan was perceived as a win for the crypto community, as Mohan has previously outlined tentative plans to integrate features such as metaverse-based content experiences and content tokenization via NFTs.
OpenSea’s changes are a response to the increasing competition in the NFT market and are likely to spur further innovation in the space. As more marketplaces embrace NFTs and Web3 technologies, the possibilities for creators to monetize their work and for collectors to acquire unique digital assets are expanding.
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