Top-notch NFT marketplace, Opensea announced 0% trading fees for NFTs on a temporary basis, speculating that the move was taken to counter the enticing royalty policies from the buzzing NFT marketplace, Blur.
Along with this, Opensea revealed some amendments to integrate the new fee structure. It is making the creator’s royalty (min 0.5%) optional for all old and new collections without on-chain enforcement.
Opesea also lauded the positive gesture from Blur to prevent creators from making a false choice between receiving full royalties on OpenSea or Blur. It has updated the operator filter to proceed with sales from different NFT marketplaces that hold the same policies as Opensea.
The NFT marketplace stated in a tweet, “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.”
Opensea stated that they had introduced an Operator filter to boost on-chain enforcement for creators to secure their revenue stream from the ongoing resale of their work. However, their expectation goes wrong in this case.
After dropping the most awaited $BLUR tokens’ airdrop, Blur asked users to block Opensea to claim full royalties. The move has ignited competition between Opensea and Blur to dominate the NFT market.
By citing the latest developments like Blur’s initiative to reverse down creator’s earnings, Opensea admitted that their efforts are not going well as intended. According to data from Dune, approximately 80% of NFT trade does not pay full royalties to creators.
