Feb 19, 2023

OpenSea Cuts Fees & Enhances Earnings in Bid to Regain Dominance

OpenSea, one of the major platforms for nonfungible tokens (NFTs), recently announced a restructuring of its platform fees and creator earnings in an effort to regain its user base. According to data from Nansen, on February 18, NFT marketplace Blur surpassed OpenSea in daily Ether (ETH) trading volume, as users began to look for a trading arena that works in their favor.

OpenSea responded with three major changes: a 0% fee for a limited time, introducing optional creator earnings, and leniency on other operators. OpenSea acknowledged that it had lost users to other marketplaces that do not fully enforce creator earnings, and the new measures are an attempt to restore its dominance in the space.

The new royalty policy of Blur is likely one of the reasons for its success, as OpenSea’s current royalty policy prevents collections from being able to earn royalties everywhere. Community members have noted that without zero royalty marketplaces, more prominent players like OpenSea would likely increase their fees, which would hurt creators and collectors.

OpenSea plans to continue testing its model and identify what works best for the community and the organization. It is speculated that OpenSea will increase its platform fees in the future if it successfully manages to amass its lost customers.

The appointment of Neal Mohan as YouTube’s new CEO was seen as a win for the crypto community, as Mohan has expressed interest in using NFTs and Web3 as revenue streams for creators. While serving as YouTube’s chief product officer, Mohan outlined tentative plans in February 2022 to integrate features such as metaverse-based content experiences and content tokenization via NFTs.

The NFT market is growing rapidly, and with the introduction of new platforms and features, it is becoming easier for creators to monetize their work. OpenSea’s recent restructuring is a sign of the competition in the space, and it will be interesting to see how it fares in the future. With the right marketing strategy and promotion, OpenSea could become the go-to platform for selling NFTs, as it is one of the most established and trusted NFT marketplaces. Twitter NFT marketing, NFT marketing agencies, and web3 agencies can help OpenSea reach the right audience and promote their platform.

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