Feb 19, 2023
OpenSea Reduces Fees, Boosts Creator Earnings to Reclaim Dominance
OpenSea, a major nonfungible token (NFT) marketplace, recently announced a series of major changes to its platform in response to increasing competition from other NFT marketplaces. Data from Nansen shows that Blur surpassed OpenSea in daily Ether (ETH) trading volume on Feb. 18. OpenSea is hoping to win back its users with a 0% fee for a limited time, optional creator earnings and leniency on other operators.
OpenSea acknowledged that many users are seeking greater returns on their NFT investments and are looking for a trading arena that works in their favor. The company stated that “recent events – including Blur’s decision to roll back creator earnings (even on filtered collections) and the false choice they’re forcing creators to make between liquidity on Blur or OpenSea – prove that our attempts are not working.”
Blur’s daily trading volume supremacy can be attributed to its new royalty policy, which allows creators to earn royalties on multiple platforms at the same time. This is in contrast to OpenSea’s policy of limiting creators to earning royalties on only one platform at a time.
Many in the community have noted the importance of competition in the industry. 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 crypto community also welcomed YouTube’s appointment of new CEO Neal Mohan, who has shown an inclination to use 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.
NFTs are quickly becoming an integral part of the web3 space and are being used in a variety of ways, including marketing and promotion. As the NFT market continues to grow, more and more companies are turning to NFT marketing agencies to help them sell their NFTs and create effective promotional campaigns. NFT marketing agencies specialize in the creation and deployment of NFTs, as well as the use of Twitter and other social media platforms to promote NFTs. As the NFT market matures, the demand for these services will only increase.
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