- Blur recently took over a large user base from OpenSea.
- Blur is attracting more people to get better returns on their NFT investments.
- OpenSea made several changes, including lowering fees to zero in an effort to win back some customers.
Nansen data Blur outsold OpenSea in daily Ethereum trading volume. Reports indicate that NFT investors have moved to Blur, anticipating higher returns on their NFT investments.
OpenSea has held the top NFT marketplace spot for several years, as shown in our NFT statistics. The sudden rise of Blur has forced OpenSea’s massive restructuring to get back to the top. Three major changes are required for the restructuring.
OpenSea restructuring
OpenSea announced three major changes. These include a 0% fee for a limited period, introducing leniency to some operations, and optional creator earnings.
We’re making some big changes today:
1) OpenSea fee → 0% for a limited time
2) Moving to optional creator earnings (0.5% minimum) for all collections with no on-chain enforcement
3) Marketplaces with identical policies will not be blocked.
— OpenSea (@opensea) February 17, 2023
Blur’s success is highly attributed to its new loyalty policy which is quite different from that of OpenSea. Blur recently announced:
“OpenSea’s current royalty policy prevents collections from being able to earn royalties everywhere. They have cited various reasons for this (see FAQ), but the end result is that creators are limited to earning royalties on only one platform at a time.”
The difference in loyalty policy between Blur and OpenSea is definitely good for the industry since if it wasn’t for zero royalty marketplaces, NFT marketplaces like OpenSea would eventually increase their fee structure and negatively affect creators.
OpenSea has admitted losing NFT investors to other “NFT marketplaces that don’t fully enforce creator earning,” and it believes introducing optional creator earnings will bring back a good number of these customers. Blur recently cut its creator earnings, and OpenSea might be doing the same.
OpenSea’s decision to restructure tweeted saying:
“In October, we started to see meaningful volume and users move to NFT marketplaces that don’t fully enforce creator earnings. Today, that shift has accelerated dramatically despite our best efforts.”
While OpenSea’s creator earnings feature was aimed at helping creators secure the revenue generated from the resale of their work, it blocked recommendations of marketplaces with the same policies.
What will the OpenSea fee of 0% last for?
OpenSea has yet to give a time frame for the 0% fee. It will continue to evaluate the fee model to find out what works best.
Community members predict that the platform fees will rise in the future if it attracts new customers.
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