Amid the ongoing competition with Blur, OpenSea made a recent announcement on Twitter that revealed several significant changes to its business as it tries to win back customers it may have lost to Blur. OpenSea notably announced that it had removed all fees for its user base.
A new marketplace feature will also be introduced as part of this new development and optional earnings for creators of collections that do not have an on-chain app.
A look at new OpenSea developments
OpenSea is now offering a limited time offer where the NFT market fees will be completely waived. Additionally, the company is transitioning to a creator earnings model that requires a 0.5% minimum but allows sellers to pay more. OpenSea said this will apply to all old and new collections that do not use the on-chain application.
Creators won’t have to make the tricky decision to collect revenue on OpenSea or Blur, as the company is also changing the operator filter to allow sales using NFT marketplaces with the same regulations (including Blur, as long as they stick to their commitment). ). .
OpenSea had no choice amid changing investor market preferences
According to data from Dune, 80% of the total volume of the ecosystem does not pay out the full earnings of the creator. Most of the book (even when accounting for inorganic activity) has moved to an environment without transaction fees. Because of this, OpenSea has decided to switch to a new pricing structure that is better suited to the requirements of modern ecology.
There has been a significant paradigm shift in the environment around NFTs. Throughout October, OpenSea saw a substantial migration of volume and users to NFT marketplaces that do not strictly enforce author earnings. Despite your best efforts, the pace of this change has picked up significantly since Blur’s announcement.
OpenSea claims that they were only working to protect creator earnings across all collections, which they claim other companies did not, which led them to develop the Operator Filter. They did this because they believed chain enforcement was the most effective way for creators to protect their revenue stream from continued reselling of their work.
The company had high hopes of generating broad application of creator earnings and anticipated that others would come up with better durable solutions; Unfortunately, this has not been the case until now, forcing them to follow suit like other markets.
Considering recent events such as Blur’s decision to cut creator earnings (even on leaked collections) and the “false pick” that is forcing creators to choose between liquidity on Blur or OpenSea, it showed that efforts of OpenSea are not working. Market creators also claim that Blur’s decision to cut creator earnings (even on leaked collections) was one of these events.
