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OpenSea is a major NFT marketplace that has been losing its once dominant user base to competing marketplaces.
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On Feb. 18, NFT marketplace Blur surpassed OpenSea in daily Ether trading volume due to users looking for a trading arena that works in their favor.
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In response, OpenSea announced three major changes to win back migrating customers: a 0% fee for a limited time, introducing optional creator earnings, and leniency on other operators.
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OpenSea defended creator earnings on all collections while reiterating support for Operator Filter.
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Blur's daily trading volume supremacy can be attributed to its new royalty policy, showcasing differences in royalty payment options between its platform and OpenSea.
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Community members highlighted the importance of competition in the industry, as it prevents more prominent players like OpenSea from increasing their fee structures, which would hurt creators and collectors.
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OpenSea plans to continue testing the model and identify what works best for the community and the organization.
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Community members speculate that OpenSea would probably increase its platform fees in the future if it manages to amass its lost customers, a predatory move often seen in industries with less competition.
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OpenSea believes that the three major changes it has announced will help win back its migrating customers.
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The NFT industry is experiencing a period of intense competition, with marketplaces competing for user attention and striving to offer the most attractive platform features and policies.