Marketplace NFT OpenSea Gets Zero Fee, Fears Of Complying With Blind And LooksRare?

OpenSea lower costs. (Photo; Doc. Cryptoast)

JAKARTA The most popular NFT marketplace, OpenSea, has started implementing new policies in response to the emergence of its competitors such as BLAr and LooksRare. The company responded to the shift in the NFT ecosystem by offering an optional creator income model with a minimum of 0.5 percent for all collections that do not use onchain enforcement, as well as lowering costs to zero for a limited amount of time.

The shift occurred as the NFT market faced stiff competition from several new markets such as BLAr, LooksRare, and X2Y2. Nevertheless, Opensea remains in the lead in terms of an all-time sales volume of up to 34.53 billion US dollars (approximately IDR 523 trillion), while the trade volume of the BLAr has penetrated 1.4 billion (IDR 21.3 trillion) in its all-time sales volume in no time.

Opensea admits that about 80 percent of the total ecosystem volume does not pay creators' income in full, and most sales volume has switched to a costless environment. Therefore, the company hopes that this new change can provide the right balance between incentives and motivation for all ecosystem participants, including creators, collectors, and buyers and sellers.

In addition to lowering costs, Opensea is also updating its operator filters to allow sales using the NFT market with the same policies, including Blind. The company announced that this is the beginning of a new era for Opensea and they are excited to test this new model.

In a statement, Opensea explained that they had made their best efforts to respond to the major changes that occurred to the NFT ecosystem. By offering zero fees and an optional creator income model, they hope to attract users who have switched to other NFT markets.

It is hoped that the major changes made by Opensea will help them maintain their position as the world's largest and leading NFT market. While competition is getting tougher, Opensea believes that they can continue to grow and face challenges in the future.