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

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

The largest marketplace for non-fungible tokens (NFTs), Opensea, has announced major changes to its fee structure and policies in response to a shift in the NFT ecosystem. The company detailed that it will drop fees to zero for a limited time and offer an optional creator earnings model with a minimum of 0.5% for all collections that do not use onchain enforcement. Opensea Drops Fees While Facing Tough Competition from Rivals Like Blur, Looksrare, and X2Y2

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. Tags in this story All-time sales, Balance, Blur, changing market, Collectors, competition, creator earnings, Digital Art, Ecosystem, Fees, incentives, looksrare, Marketplace, new era, nft, NFT Markets, NFTs, Non-fungible tokens, onchain enforcement, Opensea, operator filter, optional model, policies, power buyers, Rivals, Sales Volume, Sellers, Shift, significant volume, user migration, X2Y2, zero fees

What do you think about Opensea’s decision to drop 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. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Onecoin Cryptoqueen’s Ex-boyfriend Gets 5 Years in Prison NEWS | 2 hours ago Report: Former FTX Director of Engineering Nishad Singh Negotiating Plea Deal with Prosecutors  NEWS | 23 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCustodia CEO Slams US Government Over Broad Crackdown, Lack of Regulatory Clarity in Crypto Industry Next articleNFT Sales Surge Over 43% in Past Week, Topping $397 Million Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto