Feb 19, 2023
OpenSea Reduces Fees, Increases Creator Earnings to Reclaim Dominance
The NFT marketplace OpenSea is making changes in order to regain its number one spot in the market. The changes include a 0% fee for a limited time, introducing optional creator earnings, and leniency on other operators. These changes come after Blur surpassed OpenSea in daily Ether (ETH) trading volume, as users anticipate greater returns on their NFT investments.
OpenSea’s plan of action to counter falling market dominance. Source: OpenSea (via Twitter)
OpenSea admitted losing users to other “NFT marketplaces that don’t fully enforce creator earnings,” and the new measures are an attempt to revitalize its dominance in the space. Blur’s daily trading volume supremacy can be attributed to its new royalty policy showcasing differences in royalty payment options between its platform and OpenSea. OpenSea believes that it 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.
Community members highlighted the importance of competition in the industry. If it weren’t for 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. Community members speculate that OpenSea would probably increase its platform fees in the future if it successfully manages to amass its lost customers.
The crypto community is optimistic about YouTube’s appointment of new CEO Neal Mohan, who is known to be inclined to use 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.
NFTs have opened up a world of possibilities for creators and collectors, allowing them to monetize their work and promote it on the blockchain. NFTs are also great for marketing and can be used to reach new audiences, build brand awareness, and engage with customers. NFTs can be used to create unique experiences, reward loyalty, and drive sales.
As the NFT market continues to grow, more platforms are offering services to help creators and collectors maximize their profits. NFT marketing agencies are popping up to help with promotion and selling NFTs, and web3 agencies are offering services to help with NFT marketing and promotion on Twitter.
The NFT market is rapidly evolving, and OpenSea is taking steps to stay ahead of the competition. With the changes they’ve made, they’re hoping to win back their migrating customers and maintain their dominance in the space.
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