OpenSea Drops Fees on NFT Sales to Zero – Creators Win!
• OpenSea announced changes to its fee structure in response to competition from rival marketplace Blur.
• The changes include a temporary zero percent fee and optional creator royalties.
• OpenSea’s operator filter has also been upgraded to allow sales on marketplaces with similar policies.
OpenSea Temporarily Drops Fees on NFT Sales
OpenSea, the non-fungible token (NFT) marketplace giant, recently announced some changes to their fee structure in response to an open challenge by one of their competitors – BLUR. The changes include a temporary zero percent fee for secondary sales, as well as optional creator royalties for both old and new collections without on-chain enforcement. Additionally, OpenSea upgraded their operator filter tool to allow sales using NFT marketplaces with the same policies.
Zero Percent Fee
OpenSea’s decision comes after a challenge from one of its competitors – BLUR. As part of the structural changes made in response to this challenge, OpenSea will temporarily have a zero percent fee for all secondary sales. This is significant change considering that the usual fee was 2.5%.
Optional Creator Royalties
In addition to a zero percent fee, OpenSea will also charge a minimum of 0.5% creator royalty fees for old and new NFT collections that do not employ the on-chain enforcement method. Sellers are allowed to pay higher percentages if they wish.
Operator Filter Upgrade
The updated operator filter tool will now enable sellers using NFT marketplaces with similar policies – including Blur – without blocking them out entirely from OpenSea’s platform. This means creators won’t have to choose between receiving earnings on either Blur or OpenSea alone anymore; they can now use both platforms simultaneously if desired.
Final Thoughts
This development marks an important milestone in the ongoing competition between cryptocurrency marketplaces vying for dominance in the NFT space; allowing creators more flexibility and choice when it comes to selling their digital assets while still earning fair profits from their work..
