Opensea Drops Fees to Zero and Announces New Creator Earnings Model in Response to Shifting NFT Landscape

Opensea, the largest non-fungible token (NFT) marketplace, has announced major changes to its fee structure and policies in response to changes in the NFT ecosystem. The company has clarified that it will reduce fees to zero for a limited time and will offer an additional creator earning model with a minimum of 0.5% for all collections that do not use online enforcement.

Opensea cuts fees as it faces tough competition from competitors like Blur, Looksrare and X2Y2

Open sea, the NFT marketplace, announced on Friday that it is lowering fees in response to a major change that began in October 2022. “We’ve started to see significant volume and users are moving to NFT marketplaces that don’t fully support creators,” Opensea said. “Today, this shift has accelerated dramatically, despite our best efforts.”

Opensea noted that approximately 80% of the total volume of the ecosystem does not pay out the full profit of the authors, and most of the sales volume went to the environment without commission. The NFT market has recently faced competition from the new Blur market, which recorded a record $1.4 billion in sales in a short period. However, Blur’s all-time sales are slim compared to Opensea. $34.53 billion in sales of all time.

NFT marketplace also facing competition from Looksrare and X2Y2 digital collection markets. Opensea hopes that the new changes will strike the right balance of incentives and motivations for all participants in the ecosystem, including creators, collectors, and buyers and sellers of power. In addition, the company announced an update to its carrier filter to allow sales using NFT marketplaces with the same policies, including Blur. “This is the start of a new era for Opensea. We are excited to test this model,” the company said in a statement.

What do you think of Opensea’s decision to reduce fees to zero and introduce a new creator earnings model in response to changes in the NFT landscape? Share your thoughts in the comments below.