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

The NFT market has been on a rollercoaster ride in recent months, with a surge in interest followed by a sharp decline in sales. As the market continues to evolve, players are seeking new ways to stay ahead of the curve and attract both buyers and creators.

In response to the shifting landscape, OpenSea, the largest NFT marketplace in the world, has announced a major change in its fee structure. Effective immediately, the platform will drop all fees, making it completely free to buy and sell NFTs on OpenSea. This move is aimed at reducing the barriers to entry for new users and encouraging more creators to join the platform.

In addition to dropping fees, OpenSea has also announced a new creator earnings model, which aims to provide a more equitable distribution of revenue. Under this new model, creators will receive a greater share of the revenue generated by their NFT sales, with OpenSea taking a smaller cut.

This announcement is a significant development for the NFT market and has the potential to attract more creators and buyers to OpenSea. As the largest player in the space, OpenSea’s move could also have a ripple effect on other marketplaces, leading to more competition and innovation in the industry.

Overall, the NFT market is still in its early stages, and the response of players like OpenSea to the shifting landscape will be crucial in determining the future direction of the industry.

The BLUR token, native to the privacy-focused cryptocurrency Blur Network, has experienced price volatility in recent days. In the past week, the price of BLUR has fallen by 8.21%, leading to concerns among investors and traders. However, in the last 24 hours, the price has rebounded, increasing by 14.10%, potentially providing some relief to those who had been tracking the cryptocurrency’s value.

Despite this positive turn, the price of BLUR shrank by 0.96% in the last hour, indicating that the cryptocurrency remains volatile and subject to sudden price changes. As of this writing, the current price of BLUR is USD $1.16 per token, which is 7.95% below the all-time high of USD $1.25. This suggests that while the token has shown promise and potential, it still has a ways to go before it can fully recover to its previous levels.

It’s worth noting that the circulating supply of BLUR is currently 360,000,000 tokens, which could impact the price in the future. As with any cryptocurrency, various factors such as demand, supply, and market sentiment can influence the value of BLUR, and investors and traders should keep these in mind when making decisions about buying or selling the token.

Opensea Drops Fees While Facing Tough Competition from Rival BLUR Spiking 14%

Opensea, the NFT marketplace, announced on Friday that it is dropping fees in response to a major change that started in October 2022. “We began to see significant volume and users migrate to NFT marketplaces that do not fully enforce creator earnings,” Opensea said. “Today, that shift has accelerated dramatically despite our best efforts.”

Opensea pointed out that roughly 80% of the total ecosystem volume is not paying full creator earnings, and most of the sales volume has moved to a no-fee environment. The NFT market has faced competition recently from the new market Blur, which has captured $1.4 billion in all-time sales volume in a short period. However, Blur’s all-time sales are small in comparison to Opensea’s $34.53 billion in all-time sales.

The NFT marketplace also faces competition from digital collectible markets Looksrare and X2Y2. Opensea hopes the new changes will strike the right balance of incentives and motivations for all ecosystem participants, including creators, collectors, and power buyers and sellers. Additionally, the company announced it is updating its operator filter to allow sales using NFT marketplaces with the same policies, including Blur. “This is the start of a new era for Opensea. We’re excited to test this model,” the company said.