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The largest non-fungible tokens (NFT) marketplace, Opensea, has announced major changes to its fee structure and policies in response to a shift in the NFT ecosystem. The company detailed that it will reduce fees to zero for a limited time and offer an optional creator earning model with a minimum of 0.5% for all collections that do not use onchain enforcement.
Opensea, the NFT marketplace, announced on Friday that it is lowering its fees in response to a major change starting in October 2022. “We started to see significant volume and users migrating to NFT marketplaces that do not fully enforce creator revenue,” Opensea said . “Today, that shift has accelerated dramatically despite our best efforts.”
Opensea pointed out that approximately 80% of total ecosystem volume does not pay full creator revenue, and most sales volume has moved to a no-fee environment. The NFT market has recently faced competition from the new market Blur, which has taken $1.4 billion in all-time sales volume in a short period of time. However, Blur’s all-time sales pale in comparison to Opensea’s $34.53 billion in all-time sales.
The NFT marketplace also faces competition from digital collector markets Looksrare and X2Y2. Opensea hopes the new changes will strike the right balance between incentives and motivations for all ecosystem participants, including creators, collectors and power buyers and sellers. In addition, the company announced that it is updating its operator filter to allow sales using NFT marketplaces with the same guidelines, including Blur. “This is the start of a new era for Opensea. We are excited to test this model,” the company said.
What do you think of Opensea’s decision to drop fees to zero and introduce a new monetization model for creators in response to changes in the NFT landscape? Share your thoughts in the comments below.
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