OpenSea implements limited-time 0% fees

• OpenSea recently lost a huge user base to Blur.
• People are flocking to Blur to get more out of their NFT investments.
• OpenSea has implemented a number of changes, including zero fees, in an attempt to win back some customers.

Nansen data shows that NFT marketplace Blur surpassed OpenSea in daily Ethereum (ETH) trading volume. NFT investors are reportedly moving to Blur in hopes of greater returns from their NFT investments.

OpenSea has maintained its top position in the NFT market for several years, as shown by NFT statistics. The rapid rise of the Blur market also forced OpenSea to undertake a major restructuring to get back on top. The rebuild includes three major changes.

Restructuring of OpenSea

OpenSea has announced three major changes. This includes a 0% commission that lasts for a limited time, generous introductions for some operations, and the introduction of optional Creator Earnings.

Today we are making some big changes.
1) OpenSea fee 0% for a limited time
2) Transition to Optional Creator Revenue (minimum 0.5%) for all collections (old and new) without on-chain enforcement
3) Marketplaces with the same policy will not be blocked by operator filters.

Opensea (@opensea) February 17, 2023

Blur’s success is largely due to its new loyalty policy, which is completely different from OpenSea. Blur recently said:

OpenSeas current royalty policy does not allow collections to earn royalties anywhere. You are limited to earning royalties only on the platform.

The difference in loyalty policies between Blur and OpenSea is definitely good for the industry. Because without a royalty-free marketplace, NFT marketplaces like OpenSea will eventually raise their fees, hurting creators.

OpenSea admits that it has lost NFT investors to other NFT marketplaces that do not fully enforce creator revenue, and by introducing optional creator revenue, it will be able to attract a significant portion of those customers. I think the number of will come back. Blur also recently cut revenue for creators. OpenSea may be trying to do the same.

Explaining the decision to rebuild OpenSea murmured say it:

October started seeing significant volumes, with users moving to NFT marketplaces that do not fully enforce creator revenue. Today, despite our best efforts, that change has been dramatic. We are accelerating.”

OpenSea’s creator monetization feature was intended to help creators secure revenue from resale of their work, but the same policy blocked marketplace endorsements.

How long does the OpenSea 0% fee last?

OpenSea does not provide a specific timeline for 0% fees. We plan to continue testing pricing models to identify what works best for our users.

However, community members expect the market to likely increase platform fees in the future if it succeeds in bringing back lost customers.