OpenSea Offers a Swift Response to Blur

A few days later Blur Promised to reward NFT creators for blocking collection trades high seasOpenSea made the announcement via a Twitter thread explaining the circumstances that led to its current position.

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

Opensea (@opensea) February 17, 2023

This statement “Campaign Period” OpenSea will not charge marketplace fees, but will move to an optional creator revenue model. A minimum of 0.5%, but sellers can pay more if they wish. The second rule applies to all collections, old and new, that don’t use on-chain enforcement.

Additionally, OpenSea has updated its operator filters so that users can sell NFTs in markets that do not fully honor royalty payments to creators. This includes Blur, who has accused OpenSea of using deceptive tactics to block sales on its platform. So a creator doesn’t have to choose between two platforms as he earns royalties on his collection.

This is the beginning of a new era for OpenSea. We are excited to test this model and find the right balance of incentives and motivations for all ecosystem participants (creators, collectors, power buyers and sellers). I have.

Blur’s Meteor Rise Puts Pressure on OpenSea

OpenSea has experienced intense competition for share of the NFT market since Blur launched last October. To get users, Blur added a set of incentives that worked like magic, helping the platform to become OpenSea’s main competitor. The platform has grown so large that OpenSea cannot simply ignore it and now they feel the pressure.

Currently, 80% of volume across the ecosystem does not fully pay creators revenue. .” Therefore, despite their best efforts to protect creators’ royalties, they fall short.

While we continue to support on-chain enforcement through operator filters, we are moving to a different fee structure that reflects the needs of today’s ecosystem.

Since the tweet, Blur has continued to see astronomical trading activity, currently surpassing OpenSea’s trading volume as high-level collectors seek to secure more reward tokens. At the time of writing, Blur posted over $500 million in Ethereum sales in the last week alone.

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*All investment/financial opinions expressed by NFT PLAZA are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.

Basil is an avid fan of blockchain technology and all its innovations, and is passionate about sharing this story with his audience. He has spent over five years in the crypto space, specializing in research and creating his Web3 content for various media outlets around the world.