February 19, 2023

OpenSea Cancels Fees to Restore Migrating Users to Blur

OpenSea

OpenSea

Giant NFT marketplace OpenSea announced canceling trading fees on the digital collectibles temporarily in addition to two major changes to attract consumers.

OpenSea’s move came as a reactionary measure with the aim to gain more users after news showed that no-fee marketplace Blur surpassed Opensea in terms of daily Ethereum trading volume seeking a trading portion, according to Cointelegraph.

The other two changes included defaulting all collections without on-chain royalty enforcement to optional creator royalties starting at 0.5% in addition to adjusting its blocklist of other marketplaces that don’t honor full royalty payments to creators, allowing sales on NFT marketplaces with the same policies.

OpenSea confessed that its loss of users recently in favor of other NFT marketplaces is an attempt to restore its dominating control over the NFT space.

“Recent events – including Blur’s decision to roll back creator earnings (even on filtered collections) and the false choice they’re forcing creators to make between liquidity on Blur or OpenSea – prove that our attempts are not working,” Opensea said.

NFT community members lauded OpenSea moves, asserting the importance of competition among the marketplaces, however, they doubt that OpenSea would increase its platform fees in the future after restoring its migrating users.

Earlier in January, UPYO, the largest NFT marketplace in the Middle East, announced the cancellation of all fees imposed on trading, buying, and selling NFTs on its marketplace to encourage Arab NFT artists in the region to release more digital collectibles and those who are interested to join the Web 3.0 world.

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