Feb 18, 2023

OpenSea Revamps Platform to Regain Dominance in NFT Space

The nonfungible token (NFT) marketplace OpenSea is restructuring its platform fees and creator earnings in a bid to reclaim its lost user base. Just recently, NFT marketplace Blur has surpassed OpenSea in daily Ethereum (ETH) trading volume as users are seeking for a more lucrative trading arena.

OpenSea announced three major changes in an attempt to win back its migrating customers. These include a 0% fee for a limited time, introducing optional creator earnings and leniency on other operators. OpenSea admitted that its attempts to defend creator earnings on all collections have not worked due to Blur’s decision to roll back creator earnings, even on filtered collections.

The royalty war between the two marketplaces has highlighted the importance of competition in the industry. If it wasn’t for zero royalty marketplaces, bigger players like OpenSea would eventually increase fee structure, which would have a negative impact on creators and collectors.

YouTube’s appointment of new CEO Neal Mohan was perceived as a win for the crypto community. Mohan — while serving as YouTube’s chief product officer — outlined tentative plans to integrate features such as Metaverse-based content experiences and content tokenization via NFTs.

The changes to OpenSea’s platform fees and creator earnings have opened up a new opportunity for creators and collectors to make the most out of NFTs. This also gives rise to new possibilities for NFT promotion and marketing, allowing creators to tap into the potential of NFTs to boost their visibility and generate more revenue.

A number of NFT marketing agencies have already sprung up to help creators and collectors maximize their NFT investments. These agencies specialize in NFT promotion, Twitter NFT marketing, and other web3 services. They offer various services such as developing custom NFTs, creating promotional campaigns, and helping to sell NFTs.

The changes to OpenSea’s platform fees and creator earnings are likely to have a major impact on the NFT landscape. With more creators and collectors looking to make the most out of NFTs, the industry is set to experience a surge in activity and new opportunities for NFT promotion and marketing.

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