OpenSea had to remove its fees for a while. To get its users back, it announced a temporary drop of the fees to 0%.
The NFT marketplace is also moving to an optional royalty model and will no longer block competing platforms adopting the same policy. The reason? NFT marketplace Blur has surpassed OpenSea in terms of weekly transaction volume.
Opensea Versus Blur
For the record, Blur stands out with a much more free system. With the platform, creator fees are optional. As much to say that the break is clear and that many were tempted to turn to it.
It is good to know that OpenSea is responsible for a dominance of almost 23% on the market, processing transactions worth just over $73 million. The brand-new marketplace processed nearly $207 million in transactions, leading to the overage seen in recent weeks.
In fact, according to DappRadar data, over 30 days, Blur, which was making its debut in the fall of 2022 and recently launched its token, recorded nearly $700 million in trading volume compared to just under $500 million for the industry’s No. 1.
And the growth of this new entrant seems to have pushed OpenSea to react. On Friday, on Twitter, the marketplace announced that it would remove its fees for “a limited time” and switch to an optional royalty model (0.5% minimum). “Marketplaces with the same policies will not be blocked by the operator’s filter. Background: there has been a massive shift in the NFT ecosystem,” OpenSea added.
The pioneering marketplace will continue to maintain its operator filter but said it will update it to allow sales through platforms with the same policy, “including Blur, as they are delivering on their promise,” thus no longer forcing creators to choose between the two marketplaces.
Last week, Blur published a blog post in which its founder argued that creators could not earn royalties on Blur and OpenSea at the same time.
“We ask OpenSea to stop this policy, so that new collections can earn royalties everywhere,” Pac Man wrote.