Feb 19, 2023
OpenSea Revamps to Counter Falling Dominance
OpenSea, one of the leading nonfungible token (NFT) marketplaces, has announced several changes in an effort to win back its once dominant user base. Daily trading volume data from Nansen shows that NFT marketplace Blur recently surpassed OpenSea in ETH trading volume.
OpenSea’s new measures include a 0% fee for a limited time, introducing optional creator earnings and leniency on other operators. The company has acknowledged the migration of users to other NFT marketplaces that don’t fully enforce creator earnings.
The company has also announced its support for Operator Filter, a function designed to help creators secure their revenue for the resale of their work. However, this filter has proactively blocked recommendations of marketplaces that sported the same policies.
Blur’s daily trading volume supremacy can be attributed to its new royalty policy, which allows creators to earn royalties across multiple platforms. This contrasts with OpenSea’s current policy, which restricts creators to earning royalties on only one platform at a time.
The importance of competition in the industry has been highlighted by community members, who argue that 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 its model and identify what works best for the community and the organization. Community members speculate that OpenSea may increase its platform fees in the future if it successfully manages to amass its lost customers.
The appointment of Neal Mohan as YouTube’s new CEO has been seen as a win for the crypto community, considering Mohan’s inclination 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.
The NFT marketing landscape is rapidly changing, and OpenSea is taking steps to ensure that it remains competitive in the space. The company is offering a 0% fee for a limited time, introducing optional creator earnings and leniency on other operators as part of its efforts to regain its lost market share. With the right strategies, OpenSea could potentially become the go-to platform for selling NFTs, offering the best returns for creators and collectors alike.
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