- OpenSea unveils major changes to both fee structure and creator royalty.
- The 2.5% fee on every transaction would be dropped to 0% for a certain time.
- The marketplace will shift projects that do not use on-chain enforcement tools to optional royalties.
According to OpenSea’s latest tweet, the marketplace has come up with some really major changes. For instance, for a certain period of time, it won’t charge any fee. Also, the optional creator earnings would be a minimum 0.5% for every collection. OpenSea has also announced not blocking the marketplaces that have the same policies.
The reason behind the move, as mentioned by OpenSea, is the major shift in the NFT world. There was a significant volume in the month of October and users began shifting to marketplaces that do not impose creator earnings completely.
The marketplace has attempted to defend creator earnings on every collection at a time when other marketplaces didn’t. When the operator filter was launched, OpenSea believed that the best way for creators to protect their revenue from their work’s existing resale was on-chain enforcement.
The marketplace expected that once it began creator earnings, others would launch even adaptable solutions, but that didn’t happen.
Blur’s move to release creator earnings and the wrong choice which they are imposing on creators to make between liquidity on OpenSea or their own marketplace shows that OpenSea’s efforts are not working.
At the moment, 80% of the entire ecosystem doesn’t support or pay 100% creator earnings. Moreover, most of the volume has shifted to an environment based on zero-fee.
Though the marketplace will support on-chain enforcement via the operator filter, it is shifting towards a different fee structure based on the requirements of the ecosystem of today.
Taking the first step, the fee is being dropped to 0% for a limited time. Next as said above, is at least 0.5% creator earnings model alongside allowing sellers to pay more.
Lastly, enabling sales by using marketplaces with exactly the same policies via the updation of the operator filter. With that, creators are not required to make the wrong choice between obtaining earnings on Blur or OpenSea.
This will embark on OpenSea’s new journey and the marketplace is looking forward to experimenting with the model as well as discovering an appropriate balance of both incentives and inspirations for collectors, creators, buyers and sellers.