Feb 18, 2023
OpenSea Revamps Fees to Reclaim NFT Dominance
OpenSea, one of the leading nonfungible token (NFT) marketplaces, recently announced a major restructuring of its platform fees and creator earnings in response to the growing competition in the space. Blur, an up-and-coming NFT marketplace, recently surpassed OpenSea in daily Ether (ETH) trading volume, as users are looking for more profitable returns on their NFT investments.
In an effort to win back its migrating customers, OpenSea announced three major changes. This includes a 0% fee for a limited time, introducing optional creator earnings, and leniency on other operators. OpenSea admitted that it has been losing users to other NFT marketplaces that don’t fully enforce creator earnings, and is hoping that these changes will help to revitalize its dominance in the space.
Blur’s daily trading volume supremacy can be attributed to its new royalty policy that allows creators to earn royalties on multiple platforms at the same time. This is in contrast to OpenSea’s policy, which only allows creators to earn royalties on one platform at a time.
The cryptocurrency community has welcomed the competition in the industry, as it prevents more prominent players like OpenSea from increasing their platform fees and hurting creators and collectors. OpenSea plans to continue testing the model and identify what works best for the community and the organization.
The appointment of Neal Mohan as YouTube’s new CEO was also perceived 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 to integrate features such as metaverse-based content experiences and content tokenization via NFTs.
NFTs are quickly becoming a popular way for creators to monetize their work, and with the increasing competition in the space, creators now have more options for selling their NFTs. With the help of a NFT marketing agency, creators can maximize their reach and promote their work to the right audience. Twitter NFT marketing is also a great way to get the word out about your NFTs and get more people interested in buying them. With the help of a web3 agency, creators can get the most out of their NFTs and make sure they are reaching the right people.
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