Feb 19, 2023
OpenSea Revamps Fees to Regain Dominance
The NFT marketplace OpenSea has announced a major restructuring to combat the rising competition from other NFT marketplaces. Statistics from Nansen show that on Feb. 18, NFT marketplace Blur surpassed OpenSea in daily Ether (ETH) trading volume as users seek to maximize their returns on NFT investments.
OpenSea has responded to the competition by introducing three major changes. This includes a 0% fee for a limited time, optional creator earnings and leniency on other operators. OpenSea admits to losing users to other marketplaces due to their lack of creator earnings enforcement. The new measures are an attempt to regain their dominance in the space.
The success of Blur can be attributed to their new royalty policy which offers different royalty payment options than OpenSea. This has sparked a royalty war between the two marketplaces, with community members highlighting the importance of competition in the industry. OpenSea plans to continue testing the model and identify what works best for the community and the organization.
The recent appointment of Neal Mohan as YouTube’s 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 plans to integrate features such as metaverse-based content experiences and content tokenization via NFTs.
As the NFT space continues to evolve, OpenSea is hoping to regain its place as a top NFT marketplace by offering lower fees and greater creator earnings. The marketplace is also looking to establish itself as a leader in NFT promotion and marketing, offering a comprehensive suite of services including Twitter NFT marketing, NFT marketing agency services and web3 agency services. OpenSea is also looking to capitalize on their ability to help creators sell their NFTs. As such, OpenSea is positioning itself to remain a major player in the NFT space.
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