Feb 18, 2023
OpenSea Announces Revitalizing Measures to Regain Market Dominance
OpenSea, one of the major Nonfungible Token (NFT) marketplaces, has announced a series of changes in response to the rising competition in the Web3 space. Blur, another NFT marketplace, recently surpassed OpenSea in daily Ethereum (ETH) trading volume, according to Nansen data.
OpenSea’s new measures include a 0% fee for a limited time, optional creator earnings, and leniency on other operators. OpenSea’s objective is to win back customers who have migrated to other NFT marketplaces that don’t enforce creator earnings. OpenSea has defended creator earnings on all collections and has reiterated its support for Operator Filter, a function that was aimed at helping creators secure their revenue for the resale of their work.
Blur’s daily trading volume dominance can be attributed to its new royalty policy that offers different payment options than OpenSea. OpenSea’s current royalty policy prevents collections from being able to earn royalties everywhere, limiting creators to earning royalties on only one platform at a time.
The competition in the industry has been beneficial to creators and collectors, as it prevents bigger players like OpenSea from increasing their platform fees. OpenSea has stated that it will continue to test the model and identify what works best for the community and the organization.
The crypto community has also responded positively to YouTube’s appointment of new CEO Neal Mohan, who has a history of advocating for the use of NFTs and Web3 as revenue streams for creators. While serving as YouTube’s chief product officer, Mohan outlined plans to integrate features such as Metaverse-based content experiences and content tokenization via NFTs.
The NFT space is rapidly evolving, and OpenSea’s recent changes demonstrate the company’s commitment to staying ahead of the competition and providing creators and collectors with a platform that works in their favor. With the rise of NFTs and Web3, it’s an exciting time for the crypto industry.
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