OpenSea Announces Limited Offer Of Zero Fee; Chides Blur For the Move Citing a massive shift in the NFT ecosystem for users moving to optional creator earnings and Blur's recent decision to make users choose between OpenSea and Blur for liquidity has led the former to undertake some decisions
By Paromita Gupta •
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Just days after Nansen, a blockchain analytics platform, reported of Blur seeing the highest daily trading volume for the first time ever, OpenSea announced through its Twitter account that it was going zero fee for a limited period of time.
While Blur's surpassing of OpenSea for daily trading numbers was monumental, it did not make the slightest of change in OpenSea's weekly trading numbers. And hence, was not expected to worry the New York City-based non-fungible token marketplace.
We're making some big changes today:
— OpenSea (@opensea) February 17, 2023
1) OpenSea fee → 0% for a limited time
2) Moving to optional creator earnings (0.5% min) for all collections without on-chain enforcement (old & new)
3) Marketplaces with the same policies will not be blocked by the operator filter
While OpenSea has actively worked on enforcing creator earnings up to 10 per cent each time an NFT is sold, the trend in the segment has changed. Citing a massive shift in the NFT ecosystem for users moving to optional creator earnings and Blur's recent decision to make users choose between OpenSea and Blur for liquidity led the largest marketplace for NFT to undertake some decisions. "Recent events – including Blur's decision to roll back creator earnings (even on filtered collections) and the false choice they're forcing creators to make between liquidity on Blur or OpenSea – prove that our attempts are not working," the post also read.
Apart from zero fee, OpenSea will also move towards a minimum 0.5 per cent creator earning model and allowing operator filter to not block marketplaces with the same policies.
"This is the start of a new era for OpenSea. We're excited to test this model and find the right balance of incentives and motivations for all ecosystem participants – creators, collectors, and power buyers and sellers," one of the threads also read.
