OpenSea introduces 0% fees to win back NFT users who have lost to Blur

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NFT marketplace Blur has surpassed OpenSea’s daily ETH trading volume. Users, who expect greater returns on their NFT investment, are looking for a trading platform that will work in their favor. News Collect this piece of history as an NFTMajor (NFT token) marketplace. OpenSea announced a huge structuring around lower platform fees, creator earnings, and increased user numbers. Users are looking for a trading venue that will give them greater returns on their NFT investments. Source: NansenOpenSea announced three major changes as a reaction to its migrating customers. OpenSea announced three major changes to win back its migrating customers. 1) OpenSea fee – 0.0% for a short time 2) Moving to optional creator earnings (0.5% minimum for all collections) 3) Marketplaces with similar policies will not be blocked. OpenSea (@opensea), February 17, 2023
OpenSea acknowledged that it lost users to “NFT marketplaces” that don’t fully enforce creator incomes. It said that while it supported Operator Filter (a function that was designed to help creators secure revenue for the resale or resale) OpenSea believes it defended creator earnings on all collections. This filter prevented marketplaces from recommending them. OpenSea’s plan to counter falling market dominance. Source: OpenSea (via twitter)Blur’s dominance in daily trading volume can be attributed its new royalty policy, which highlights differences between OpenSea and its platform in terms of royalty payment options. The statement read: “OpenSea’s current royalty policy prevents collections being able to receive royalties everywhere. While they have given a variety of reasons (see FAQ), the end result is that creators can only earn royalties on one platform at a particular time. This was highlighted by community members during the royalty war between the marketplaces. OpenSea, which is a larger player than OpenSea, would eventually raise fees, which would have a negative effect on creators and collectors. However, OpenSea plans continue to test the model and find the best solution for the community. OpenSea is expected to increase platform fees if it can amass more customers, a common predatory move in many industries. It has been a pleasure to work with you over these years. YouTube has become an amazing place for creators and viewers. This is an important and amazing mission, and I’m thrilled to continue it. Looking forward to what lies ahead… https://t.co/Rg5jXv1NGb– Neal Mohan (@nealmohan) February 16, 2023
Cointelegraph reported that Mohan, while serving as YouTube’s chief product officer, had made tentative plans in February 2022 for features such as Metaverse-based content experiences as well as content tokenization via NFTs.