Feb 19, 2023
OpenSea Slashes Fees to Reclaim Dominance in NFT Market
Prominent NFT marketplace OpenSea recently announced a restructuring of its platform fees and creator earnings in an effort to win back customers who have been migrating to other marketplaces. Blur recently surpassed OpenSea in daily Ether (ETH) trading volume, as users seek out higher returns on their investments in the nonfungible token (NFT) space.
To combat this, OpenSea has implemented three major changes, including a 0% fee for a limited time, optional creator earnings, and leniency on other operators. OpenSea cited other marketplaces that don’t fully enforce creator earnings as the reason for their lost user base.
OpenSea has defended its support of the Operator Filter, which is aimed at helping creators secure their revenue for the resale of their work. However, this filter has blocked recommendations of marketplaces that sport the same policies.
The main difference between OpenSea and other marketplaces is the royalty policy, which allows creators to earn royalties on only one platform at a time. This has led to increased competition in the industry, as more prominent players like OpenSea have been forced to increase their fees in order to remain competitive.
OpenSea plans to continue testing the model and identify what works best for the community and the organization. Community members speculate that OpenSea will likely increase its platform fees in the future if it successfully manages to amass its lost customers.
The recent appointment of YouTube’s new CEO Neal Mohan is seen as a win for the crypto community, as Mohan has expressed interest in using NFTs and Web3 as revenue streams for creators. Mohan outlined tentative plans in February 2022 to integrate features such as metaverse-based content experiences and content tokenization via NFTs.
For those looking to sell NFTs, OpenSea is a great platform to consider. With its current 0% fee, creators can maximize their earnings and utilize the platform’s optional creator earnings feature. OpenSea is also a great platform for those looking to get into the NFT marketing space, as the platform offers a variety of tools such as Twitter NFT marketing, NFT promotion, and a web3 agency to help creators promote their work.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
