In a move that surprised many in the NFT community, OpenSea, the largest NFT marketplace, announced that it would reduce transaction fees and royalties. The decision follows a shift in the NFT market, which has seen users and transaction volume migrate to a royalty-free marketplace.
OpenSea announced the news on Twitter, saying it “has started to see volume and users shift to the royalty-free NFT marketplace.” The market cites NFT Blur’s recent decision to revoke creator royalties as an example of this shift, forcing creators to choose between Blur or OpenSea.
In a blog post Wednesday, Blur’s chief executive argued that creators should be listed on Blur rather than OpenSea, arguing that creators can’t earn royalties on either platform at the same time.
OpenSea responds:
- NFT buyers trade for free within a certain period of time;
- Allow NFT creators to self-regulate royalties, at least 0.5%;
- Removal of previous royalty provisions;
- Removed blocker for NFT platforms that allowed royalties to be adjusted.
The marketplace also allows sales using competitors with the same policies, so creators don’t have to choose between OpenSea or Blur.
“This is the beginning of a new era for OpenSea. We are excited to test this model and find the right balance between incentives and incentives for all ecosystem players – creators, collectors as well as buyers and users. Selling Power. “
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According to a recent report by AZCoin News, data analytics platform Nansen.ai revealed that the NFT Blur marketplace surpassed OpenSea for the first time in terms of daily Ethereum transaction volume in February. On the day, Blur recorded a transaction volume of 6,602 ETH, while OpenSea recorded a transaction volume of 5,649 ETH. This startling development shocked the NFT market long dominated by OpenSea.
One of the current leading DeFi tokens is ApeCoin, the native cryptocurrency of the NFT Bored Ape Yacht Club (BAYC) series. APE is considered the largest NFT token and its value has increased after the recent announcement of OpenSea. The value of the cryptocurrency increased by more than 8%, from $5.16 to $5.57. It is unclear whether this increase in value can be sustained over the next few sessions, as the market is currently vulnerable to corrections and positive momentum.
- Blur’s rookie day NFT transaction volume exceeds OpenSea
- Battle for NFT Market Share Escalates Between OpenSea and Blur
board pass
according to AZCoin News
