OpenSea Implements Changes to Regain Dominance in the NFT Market
OpenSea, one of the major NFT marketplaces, is facing tough competition as other platforms lure away its once-dominant user base.
As a result, OpenSea has announced three major changes to win back its migrating customers, including lower platform fees, optional creator earnings, and leniency on other operators.
We’re making some big changes today:
1) OpenSea fee → 0% for a limited time
2) Moving to optional creator earnings (0.5% min) for all collections without on-chain enforcement (old & new)
3) Marketplaces with the same policies will not be blocked by the operator filter
— OpenSea (@opensea) February 17, 2023
The move comes after NFT marketplace Blur surpassed OpenSea in daily ETH trading volume. OpenSea believes it defended creator earnings on all collections while reiterating its support for Operator Filter.
OpenSea plans to continue testing the model and identifying what works best for the community and the organization. Meanwhile, community members highlighted the importance of competition in the industry.
They speculate, that if OpenSea successfully manages to amass its lost customers, it will probably increase its platform fees in the future – a predatory move often noticed in industries with less competition.