OpenSea, one of the leading NFT marketplaces, has announced that it will be dropping its fees for creators, citing a shift in the NFT ecosystem.
OpenSea looking to maintain market dominance
The Blur NFT marketplace made its case for creators to list on its platform against OpenSea, signaling that the competition between NFT marketplaces is intensifying. Previously, OpenSea charged a 2.5% fee on all transactions, a common practice in the NFT space.
However, in announcing the fee change, OpenSea has announced it wants to reduce the barriers for creators to enter the NFT market and make itmore accessible for everyone. The platform is also exploring other revenue streams, such as charging buyers a small purchase fee to make up for the lost revenue from the creator fees.
OpenSea drops creator fees to make the NFT market more accessible
On Wednesday, the CEO of Blur wrote a blog post encouraging creators to choose their marketplace over OpenSea because it is impossible to earn royalties using both platforms simultaneously. Nonetheless, OpenSea will temporarily drop their fees to 0% and implement a new 0.5% “creator earnings model” with the option for sellers to pay more.
Additionally, OpenSea mentioned that they would allow sales using competitors with the same policies, eliminating the need for creators to choose between earning on OpenSea or Blur. OpenSea demonstrates the company’s commitment to ongoing innovation and willingness to adapt to the needs of its users.
Dune’s data reveals that 80% of the overall ecosystem volume is not contributing to the complete earnings of creators. It means the majority of transactions, even after accounting for inorganic activity, are taking place in an environment that does not charge any transaction fees. As a result of
this trend, OpenSea has opted to adopt a new pricing model that aligns better with the needs of the current ecosystem.Source: nft.news
This news is published and verified by the NFT News media team.
