⚡️The NFT ecosystem has undergone massive changes and marketplaces have begun to respond to this situation.
🔥Opensea is making several important changes:
- OpenSea fee → 0% for some time
- Switch to optional creator earnings (0.5% min) for all collections without on-chain enforcement (old and new)
- Marketplaces with the same strategies will not be blocked by the operator's filter
⚡️Context:
In October, OS began to see significant volumes and users moving to NFT marketplaces that do not fully provide income for creators.
Today, this process has accelerated sharply, despite all efforts.
⚡️OS worked to protect creators' earnings on ALL collections when others didn't. And when they introduced Operator Filter, they were convinced that enforced on-chain protection was the best way for creators to secure a revenue stream from the constant resale of their work.
⚡️OS thought they could catalyze the widespread adoption of enforced creator income protection, and hoped that others could come up with more sustainable solutions - it didn't happen.
🔅Recent events - including Blur's decision to cut creators' earnings (even on filtered collections) and the false choice they force creators to make between liquidity on Blur and OpenSea - prove that attempts don't work.
Today ~80% of the total ecosystem do not pay full earnings to creators, and most of the volume (even taking into account inorganic activity) switched to zero commission mode.
While OS continues to support on-chain compliance through Operator Filter, they are moving to a different fee structure that reflects the needs of the modern ecosystem:
💥First of all, they will reduce the fee for using OpenSea to 0% for the duration of the promotion.
💥Switching to a minimum earnings model of 0.5% from the creator, with the ability for sellers to pay more. This applies to all collections that do not use on-chain enforcement (old and new).
💥Update Operator Filter to allow selling on NFT marketplaces with the same policy (including Blur as they keep their promises).
Now creators don't have to make a false choice between earning money on OpenSea or Blur.
⚡️This is the beginning of a new era for OpenSea. I can't wait to test this model and see the right balance of incentives and motivations for all participants in the ecosystem - creators, collectors, buyers and sellers.
⚡️Stay tuned for more information as Opensea continues to explore ways to reward the most dedicated users🤔
Author: love mushroom
