OpenSea attempts to win back its clients who left the marketplace for the NFT platform Blur.
The top non-fungible token (NFT) marketplace, OpenSea, declared plans to decrease fees and offer enhanced creator royalties as rival marketplaces keep stealing its once-leading user base.
As per the data from data analytics platform Nansen, on February 18th, another NFT marketplace called Blur outcompeted OpenSea in terms of the Ether (ETH) daily trading volume.
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The clients, who intend to have higher yields on NFT investments, are currently using non-fungible token marketplaces, which offer the best conditions.
Keeping this in mind, OpenSea declared three modifications to grasp the attention of its clients. These changes include provisionally implementing 0% charges, releasing optional creator royalties, and exemptions for other operators.
The NFT marketplace acknowledged that it lost customers to other platforms where creator royalties are not completely enforced. Hence, the latest initiative is an attempt to regenerate OpenSea's control in the NFT market. It added:
Recent events – including Blur’s decision to roll back creator earnings (even on filtered collections) and the false choice they’re forcing creators to make between liquidity on Blur or OpenSea – prove that our attempts are not working.
The marketplace believes it has shielded creator profits on all collections. It also claimed to support Operator Filter, a function that assists creators in securing revenue to get their work resold.
The latest royalty policy of Blur is credited for the growth of its trading volume. The policy deals with the alterations in the options related to royalty payments on OpenSea and Blur.
Members of the NFT community have praised the competition between NFT marketplaces. As per the community, the absence of this competition would have ultimately permitted OpenSea and other top players to elevate fee structure, disappointing collectors and creators.