OpenSea, the leading marketplace for non-fungible tokens (NFT), announced Friday that it will temporarily eliminate its marketplace fee. This is a heated battle for market share against Blur, a popular marketplace without fees.
OpenSea In a tweet It will be charging 0% in marketplace fees and defaulting all collections, without any on-chain royalties enforcement to optional creator royaltyties beginning at 0.5%.
Marketplace has also updated its blocklist of marketplaces that do not honor full royalties to creators. This allows sales on NFT marketplaces following the same policies. Blur was included in the blocklist, as they have made good on their promises. Creators are no longer forced to choose between these two platforms to receive full royalties.
The marketplace announced on Twitter that this was the beginning of a new era in OpenSea. We’re excited about testing this model to find the right mix of incentives and motivations that all ecosystem participants, creators, collectors and power buyers, will need.
After Tuesday’s release of Blur’s native token, tension between Blur (and OpenSea) was high this week. Blur’s trading volume exceeded OpenSea on Wednesday for the first time since October, when it was launched.
OpenSea took a firm stance on the issue of creator royalties. In November, the site launched a royalty enforcement tool that allows new collections to delegate royalties onto-chain. These collections are also prevented from being resold in marketplaces that don’t enforce royalties like X2Y2 or Blur.
Blur discovered a loophole within this tool in January. This allowed collections that enforced royalties through OpenSea to maintain their percentages on Blur. On Wednesday, Blur Published a blog article It was directed at NFT creators and laid out the differences between OpenSea’s platform and its royalty payment options. The platform encouraged its users to blocklist OpenSea to ensure creators receive full royalties.