OpenSea, one of the leading non-fungible token (NFT) marketplaces, has announced that it will eliminate its marketplace fee for a limited time, effectively heating up the competition with popular no-fee rival, Blur.
OpenSea's Bold Move: 0% Marketplace Fees for a Limited Time
In a recent tweet, OpenSea declared that they will charge 0% marketplace fees, defaulting all collections without on-chain royalty enforcement to optional creator royalties starting at 0.5%. This is a bold move that aims to attract more creators and collectors to their platform.
Adjusting Its Blocklist and Offering More Options for Creators
OpenSea has made several adjustments to its blocklist of other marketplaces that don't honor full royalty payments to creators, allowing sales on NFT marketplaces with the same policies, including Blur. The move will enable creators to earn full royalties without having to choose between the two platforms.
OpenSea's Vision for a New Era: Finding the Right Balance for Ecosystem Participants
“This is the start of a new era for OpenSea," the marketplace stated on Twitter. "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.”
OpenSea's Stance on Creator Royalties and Blur's Native Token
The tension between OpenSea and Blur has been escalating, following the release of Blur’s native token on Tuesday. On Wednesday, Blur's trading volume surpassed OpenSea for the first time since it went live in October.
The Royalty Enforcement Debate and OpenSea's Hardline Stance
OpenSea has been a key player in the debate over creator royalties, launching a royalty enforcement tool in November. This tool allows new collections listed on the site to delegate royalties on-chain and blocks these collections from being resold on marketplaces that don’t enforce royalties, like X2Y2 and Blur.
Blur's Loophole and Encouragement for NFT Creators to Choose Its Platform
Blur reportedly found a loophole in OpenSea's tool in January, enabling collections that enforced royalties on OpenSea to uphold their percentages on Blur. On Wednesday, Blur published a blog post aimed at NFT creators that highlighted the differences in royalty payment options between its platform and OpenSea. It encouraged its users to blocklist OpenSea in order for creators to collect full royalties on its platform.
What's Next for OpenSea and the NFT Market
OpenSea's decision to eliminate its marketplace fee temporarily is a bold move that challenges Blur's dominance in the NFT space. As the NFT market continues to evolve, OpenSea's focus on royalty enforcement and improving the ecosystem for all stakeholders could be the differentiating factor that sets it apart from other marketplaces.
