OpenSea has made significant changes to its platform. Firstly, Opensea will not charge fees for a limited time. Secondly, they’re flexible, and creators can earn money from their creations. Blur’s success is significant because of its unique loyalty program, which differs from OpenSea’s. Blur recently mentioned:
OpenSea’s current royalty policy prevents collections from being able to earn royalties everywhere. They have cited various reasons for this (see FAQ), but the end result is that creators are limited to earning royalties on only one platform at a time.
Blur’s unique loyalty policy is good for the industry because it prevents NFT marketplaces like OpenSea from raising fees and hurting creators. This is because they would lose customers to no-royalty fee marketplaces like Blur. Overall, having different types of marketplaces with various policies helps to create a healthier and more competitive market.
OpenSea has been the top NFT marketplace, as shown by our NFT statistics. However, the recent emergence of Blur has forced OpenSea to make significant changes to regain its position. These changes involve three major updates.
OpenSea has acknowledged losing NFT investors to other marketplaces that do not enforce creator earnings. To win back these customers, they plan to introduce optional creator earnings. Blur also recently reversed its creator earnings policy, and OpenSea tweeted the following.
“In October, we started to see meaningful volume, and users move to NFT marketplaces that don’t fully enforce creator earnings. Today, that shift has accelerated dramatically despite our best efforts.”
OpenSea’s Creator Earnings Feature Impacts Platform Fees and Recommendations
OpenSea’s creator earnings feature aims to help creators earn money when their work is resoling, but it prevented recommendations of marketplaces with similar policies. OpenSea does not announce a specific date for the end of the 0% fee.
They will keep experimenting to figure out what works best for users. However, some community members believe that OpenSea may increase its platform fees after winning back lost customers.
Related Reading | Japan To Launch Pilot Program For Digital Yen In April
This article conveys general information and the opinions expressed should not be considered personal advice for any individual or specific security or investment product.
Comments (No)