OpenSea, the largest NFT marketplace, is facing stiff competition from Blur, whose native token has surged by about 27% in the last 24 hours.
On-chain data shows that Blur’s trading volume has more than doubled since the introduction of its native token, according to Dune analytics data. In contrast, OpenSea’s market share has declined as investors seek alternative marketplaces.
OpenSea Changes Tactics to Regain Users
To attract more users, OpenSea has introduced measures to win back lost market share. The company has implemented a 0% fee structure for a limited time and adopted an optional creator earnings model for collections without on-chain enforcement.
OpenSea has been the last marketplace standing in requiring royalties payment, but the platform felt the pinch as investors shifted to cheaper alternatives where they do not have to pay royalty fees.
OpenSea’s attempts to defend creator earnings have failed as other marketplaces with optional creators’ royalties have seen their volume grow since October. As of now, 80% of the total ecosystem volume is on platforms with optional royalties, and most of the volume has moved to a zero-fee environment.
The announcement has garnered mostly negative reactions. Some creators claim that OpenSea is exploiting them and will exploit users after attracting them with zero fees.
Others speculate that the platform may introduce a token-like structure, which would attract even more users.
OpenSea, however, remains committed to upholding on-chain enforcement and providing a minimum of 0.5% creator earning model for collections without on-chain enforcement, with sellers having the option to pay more royalties. Additionally, sales can be made using other NFT marketplaces with similar policies, including Blur.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.