Fee Free: "0"penSea

Fee Free: "0"penSea

OpenSea is making some very significant changes to its marketplace royalties, according to a tweet thread this afternoon.

🔙 Back It Up

OpenSea has consistently used #FeatureFridays in 2023 to implement features that keep it competitive with its ascendant NFT marketplace rival, Blur. Blur stole the headlines earlier this week, first with its highly anticipated $BLUR airdrop, and then its subsequent recommendation to creators to block OpenSea

Now, OpenSea has stepped into the arena with three significant policy changes, effective immediately.

The Details

  1. Dropping the OpenSea fee to 0 percent for a limited/promotional period of time.
  2. 0.5 percent minimum creators earnings model, with options for sellers to pay more. Applies to all collections that do not use on-chain enforcement (old & new)
  3. Updating operator filter to allow sales using NFT marketplaces with the same policies (incl. Blur). 

❗ Why It Matters

There's a lot to unpack here, but now creators won't have to make false choice between earning royalties on OpenSea or Blur.

Does it mean creators won't be incentivized to drive traffic to OpenSea without royalties? And how long will the promotional period last?

🖼️ The Big Picture

OpenSea admitted that there's been a massive shift in the NFT ecosystem since last October, when significant volume started moving towards Blur. Now, they're "moving to a different fee structure that reflects the needs of today's ecosystem".

🔜 What’s Next?

At the bottom of the their bombshell tweet thread, did OpenSea perhaps tease a potential airdrop?

Stay tuned for more info, as we continue exploring ways to reward our most loyal users.@opensea

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.