• Temporarily Unavailable

OpenSea Goes Zero-Fee, Shakes up NFT Market Competition

David - Cryptocurrency Enthusiast

OpenSea Eliminates Marketplace Fee, Which Makes it Even Easier to Buy NFT, Competes with Zero-Fee Marketplaces

OpenSea, a leading NFT marketplace, has announced that it will temporarily remove its marketplace fee, setting the stage for a battle for market share with popular no-fee marketplace Blur. OpenSea stated in a tweet that, for a limited time, it will charge 0% in marketplace fees, and default all collections without on-chain royalty enforcement to optional creator royalties starting at 0.5%. The marketplace has also adjusted its blocklist of other marketplaces that do not honour full royalty payments to creators.

OpenSea Puts Creator Royalties Back in the Hands of Creators

OpenSea's new policy on royalties is a significant change from its previous stance. In November, OpenSea launched a royalty enforcement tool that allows new collections listed on the site to delegate royalties on-chain. The tool also blocks these collections from being resold on marketplaces that do not enforce royalties, like X2Y2 and Blur. However, in January, Blur reportedly found a loophole in this tool that allowed collections that enforced royalties on OpenSea to uphold their percentages on Blur. In response, Blur published a blog post aimed at NFT creators, encouraging its users to blocklist OpenSea for creators to collect full royalties on its platform. OpenSea's latest announcement sets the tone for a new era in which creators can enjoy full royalties for their work.

OpenSea Aims to Find the Right Balance of Incentives for Ecosystem Participants

OpenSea sees this new policy as the start of a new era. The marketplace is "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." By defaulting all collections without on-chain royalty enforcement to optional creator royalties starting at 0.5%, OpenSea is giving creators more flexibility and control over their work. This could attract more creators to the platform and give OpenSea an edge in the non fungible tokens market.

If you're interested in the NFT market, you can visit BCBitcoin, a trusted cryptocurrency broker. You can follow their daily news online. With BCBitcoin, you can stay up to date with the latest developments in the NFT market.

We use cookies to better provide our services. By using our services, you agree toour use of cookies.