Opensea Cuts Fees to Zero and Announces New Earning Model for Creators in Response to Shifting NFT Landscape –
The largest marketplace for non-fungible tokens (NFTs), Opensea, has announced significant changes to its fee structure and policy in response to a shift in the NFT ecosystem. The company stated that it will reduce fees to zero for a limited time and offer an optional creator earning model with a minimum of 0.5% for all collections not using onchain enforcement.
Opensea is cutting fees while facing stiff competition from rivals like Blur, Looksrare and X2Y2
Opensea, the NFT marketplace, announced on Friday that it was dropping fees in response to a major change that began in October 2022. “We’ve started to see significant volume and users migrating to NFT marketplaces that aren’t fully enforcing creator revenue,” Opensea said. “Today, despite our best efforts, that change has accelerated dramatically.”
Opensea pointed out that about 80% of the total ecosystem volume does not pay the creator’s full revenue and most of the sales volume has been moved to a royalty-free environment. The NFT market has recently faced competition from new market Blur, which has achieved an all-time sales volume of $1.4 billion in a short period of time. However, Blur’s all-time revenue is small compared to Opensea’s all-time revenue of $34.53 billion.
The NFT marketplace also faces competition from digital collector markets Looksrare and X2Y2. Opensea hopes the new changes will strike the right balance of incentives and motivations for all ecosystem stakeholders, including creators, collectors, and electricity buyers and sellers. Additionally, the company announced that it is updating its operator filter to allow sales through NFT marketplaces with the same policies, including Blur. “This is the beginning of a new era for Opensea. We look forward to testing this model,” the company said.
What do you think of Opensea’s decision to reduce fees to zero and introduce a new earning model for creators in response to the changes in the NFT landscape? Share your thoughts in the comments below.
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Source: Crypto News Deutsch
