OpenSea, the largest marketplace for non-fungible tokens (NFTs) has made a major announcement pertaining to the sales of non-fungible tokens.
It was just recently OpenSea announced making major changes to its fee structure. Turns out, the company has decided to lift the fees for the sales of the non-fungible tokens.
It is a major step that the company has taken to attract the masses to its platform and increase the demand for non-fungible tokens in the market.
Announcement by OpenSea
The company has announced that as part of its fee restructuring, they have decided to take a major step. They will no longer be implementing any charges on the NFT sales.
This means that any sales that the creators execute for the non-fungible tokens will incur zero fees. This way, the creators will be able to save so much and as word gets out, more creators will join the platform.
With more users joining the platform, the adoption level for OpenSea would skyrocket and a similar case would be realized for the NFT adoption.
As more creators join the platform, they will be creating more non-fungible tokens and they will be selling more of them to generate more profits.
It is worth noting that OpenSea is already the largest marketplace for non-fungible tokens. This means that the platform has no competition at all but with the launch of the new service, OpenSea has taken its dominance to the next level.
If any of the non-fungible token companies had any hopes of competing with OpenSea, they may have definitely lost it with the company’s latest announcement.
Open Challenge for the Competitors
The recent developments suggested that the creators of the non-fungible tokens had protested against the OpenSea platform.
They had reportedly launched a boycott against the platform, which was no less than a major hit for the NFT marketplace.
Surprisingly, OpenSea turned the tables and the situation fell in favor of the largest NFT marketplace. It announced no fee implementation over the sales of non-fungible tokens.
This was a major challenge for all the rivals, something that they may not be able to outmatch or challenge on the same level.
The platform made the announcement on Friday about the implementation of zero fees on NFT sales. Blur reportedly tried to pose a great challenge to OpenSea but it went number about the latter’s recent announcement.
Fee Reduction from 2.5% to 0%
In the past, the fee implemented on the NFT sales was 2.5% and the company reportedly announced a reduction. They confirmed that following the change, the new fee would be 0% on the sales of the NFTs.
The platform has confirmed that the fee is for a limited amount of time. Surprisingly, the platform is yet to confirm the final date of lifting the zero fee implementation.
In addition to removing the fee on sales, the company has also announced that the royalty fee will also be included for the creators’ NFTs. The fee would be 0.5% and it will be a minimum charge that may surge over time.
Blog Post by Blur
The announcement made by OpenSea comes following the call made by Blur on February 15, asking the NFT creators to boycott OpenSea.
They demanded that the users must boycott the OpenSea platform to send a strong message. This was following the update from OpenSea requiring the users to choose which marketplace would be able to receive the royalties.
Blur made the call the same day it announced the airdrop of its native tokens, BLUR. The platform does not support the idea of letting creators choose which marketplace should earn royalties and which marketplace should not.
Blur has been operating since October 2022 and it reportedly charges no fees to the creators for selling NFTs. Blur now has major competition and as OpenSea is mighty, it will emerge victorious in the battle.