OpenSea, the leading non-fungible token (NFT) marketplace, said on Friday that it would temporarily eliminate its marketplace cost. This move will allegedly heat up the competition for market share with Blur, another popular marketplace that does not charge a price. As a result, OpenSea is likely to experience an influx of sellers that were once deterred by the marketplace fee.
According to Opensea, starting in October 2022, they started to witness an increase in volume in NFT markets in which creator fees were not imposed. This trend started around the same time as the growth in the popularity of cryptocurrencies.
This pattern persisted all the way to December 2022. This fashion is further rapidly gaining popularity, and despite the efforts of the corporation, they apparently have no option but to follow it in order to maintain their market share.
According to the findings of industry analysts, the abolition of fees charged by OpenSea is anticipated to provide a more competitive environment, which will enable buyers to get better bargains and sellers to have access to a bigger pool of possible buyers.
On the other hand, OpenSea revealed in a tweet that the firm would not charge customers any fees for “a short amount of time.” The payment of royalties to the authors of the material is going to be entirely optional and will start at 0.5 percent.
OpenSea removed several marketplaces from its blocklist
As a result of OpenSea removing numerous marketplaces from its blocklist that do not demand full royalty payments, it is now feasible for sales to take place on platforms that just need optional royalties to be paid. Another band that “kept its commitment” to its audience and was thus removed from the blocklist is Blur.
Blur, who made it a priority to remain in touch with its fan base, found success with OpenSea’s policy changes, and the band benefited from the freedom to market its content on platforms that respect its fans’ rights and allow for voluntary royalty payments. OpenSea’s policy changes helped Blur achieve these goals.
In addition, on Wednesday, Frank III sent out a tweet in which he suggested that NFT creators should think about restricting all secondary NFT producers on the Opensea platform. He said that doing so would ensure that all NFT royalty settings projects that are prohibited on Opensea are adhered to.
The NFT market currently resides in the Green
The seven days spanning from February 10 to February 17 saw a rise of 8.5% in global sales of non-fungible tokens (NFT), with notable sales surges occurring in the final two days.
According to information obtained from the NFT aggregation site CryptoSlam, the total weekly sales of NFTs grew to US$304 million in that seven-day span, which was an increase from US$280 million in the previous week.