- The NFT platform announced that it would temporarily abolish its 2.5% charge on sales.
- OpenSea tweeted that it will only impose its 0.5% mandated creator royalty payment.
To better adapt to the fluctuating crypto market, OpenSea, the industry’s top NFT platform, has announced that it would temporarily abolish its 2.5% charge on sales and reduce creator royalty protections. This action was taken in reaction to mounting threats posed by upstart competitor Blur.
As of this past Friday, OpenSea tweeted that it will only impose its 0.5% mandated creator royalty payment on NFT transactions for projects without an on-chain enforcement mechanism. In any case, vendors may elect to be compensated for a larger share if they so want. A creator royalty is a fixed portion of an NFT’s selling price, often between 5 and 10 percent. This is how NFT collects are anticipated to provide continued money after the initial offering concludes.
OpenSea Vs Blur
The marketplace has tweeted that it would allow sales to occur on other platforms that follow the same standards. This eliminates a monetary dilemma for creators who were previously forced to choose between OpenSea and Blur.
OpenSea made a point of citing on-chain data showing that over 80% of the current volume of NFT trade occurs without any sort of creator royalties being incorporated. The market seemed to be trying to find a compromise that would benefit everyone involved, from NFT creators to traders.
OpenSea’s decision follows a successful week for Blur, a new player in the NFT market that launched in October of last year.
More than 100,000 NFT traders received free BLUR tokens from the Blur airdrop on Tuesday. Also, the business has recently suggested that NFT project creators avoid OpenSea transactions the next day. For the benefit of artists, the Blur marketplace is free of charge.
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