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OpenSea Eliminates Marketplace Fee, Which Makes it Even Easier to Buy NFT, Competes with Zero-Fee Marketplaces
OpenSea, a leading NFT marketplace, has announced that it will temporarily remove its marketplace fee, setting the stage for a battle for market share with popular no-fee marketplace Blur. OpenSea stated in a tweet that, for a limited time, it will charge 0% in marketplace fees, and default all collections without on-chain royalty enforcement to optional creator royalties starting at 0.5%. The marketplace has also adjusted its blocklist of other marketplaces that do not honour full royalty payments to creators.
OpenSea's new policy on royalties is a significant change from its previous stance. In November, OpenSea launched a royalty enforcement tool that allows new collections listed on the site to delegate royalties on-chain. The tool also blocks these collections from being resold on marketplaces that do not enforce royalties, like X2Y2 and Blur. However, in January, Blur reportedly found a loophole in this tool that allowed collections that enforced royalties on OpenSea to uphold their percentages on Blur. In response, Blur published a blog post aimed at NFT creators, encouraging its users to blocklist OpenSea for creators to collect full royalties on its platform. OpenSea's latest announcement sets the tone for a new era in which creators can enjoy full royalties for their work.
OpenSea sees this new policy as the start of a new era. The marketplace is "excited to test this model and find the right balance of incentives and motivations for all ecosystem participants – creators, collectors, and power buyers and sellers." By defaulting all collections without on-chain royalty enforcement to optional creator royalties starting at 0.5%, OpenSea is giving creators more flexibility and control over their work. This could attract more creators to the platform and give OpenSea an edge in the non fungible tokens market.
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