OpenSea, one of the largest NFT marketplaces, has announced several big changes to its platform. In a blog post, the company shared its plans to reduce its fees to 0% for a limited time, move to an optional creator earnings model, and update the operator filter to allow sales using NFT marketplaces with the same policies.
The announcement comes as there has been a massive shift in the NFT ecosystem. OpenSea has been working to defend creator earnings on all collections when others didn’t, and when the Operator Filter was introduced, it was their belief that on-chain enforcement was the best way for creators to secure their revenue stream from the ongoing resale of their work.
However, recent events have proven that OpenSea’s attempts to catalyze widespread enforcement of creator earnings are not working. Today, around 80% of total ecosystem volume does not pay full creator earnings, and the majority of volume has moved to a zero-fee environment.
As a result, OpenSea is moving to a different fee structure that reflects the needs of today’s ecosystem. They are dropping their OpenSea fee to 0% for a promotional period of time and moving to a minimum 0.5% creator earnings model, with the option for sellers to pay more. This applies to all collections that do not use on-chain enforcement, both old and new.
In addition, they are updating the operator filter to allow sales using NFT marketplaces with the same policies. This means that creators won’t have to make the false choice between receiving earnings on OpenSea or other platforms such as Blur.
This is a significant change for OpenSea and the NFT ecosystem as a whole. The company is excited to test this new model and find the right balance of incentives and motivations for all ecosystem participants – creators, collectors, and power buyers and sellers. OpenSea is committed to continuing to explore ways to reward their most loyal users.
OpenSea’s changes demonstrate the fast-paced nature of the NFT industry and the importance of staying adaptable to change. It will be interesting to see how these changes impact the market and whether other platforms will follow suit.
The Impact Of Blur
It’s important to note that OpenSea’s changes are a direct response to the market share being stolen by other NFT marketplaces, including Blur. The company’s announcement acknowledges that recent events have accelerated a shift in the NFT ecosystem, and they are adjusting their platform to reflect these changes. While it remains to be seen how successful these changes will be, it’s clear that OpenSea recognizes the need to stay competitive and adapt to the shifting landscape. This may indicate that OpenSea’s time as the dominant player in the NFT marketplace has come to an end, as other platforms gain traction and offer alternative solutions for creators and buyers. However, only time will tell how the market will evolve and which platforms will emerge as leaders in the industry.
We’re making some big changes today:
1) OpenSea fee → 0% for a limited time
2) Moving to optional creator earnings (0.5% min) for all collections without on-chain enforcement (old & new)
3) Marketplaces with the same policies will not be blocked by the operator filter
— OpenSea (@opensea) February 17, 2023