Recently, leading NFT marketplace OpenSea announced a number of updates to improve the experience for collectors and creators.
As part of the first change, the marketplace fee will go down to 0% — a withdrawal from the 2.5% fee on all secondary sales. This will apply for a promotional period of time only.
A second change is a move to a minimum 0.5% creator earnings model, with sellers having the option to pay more. This applies to all collections that do not employ on-chain enforcement.
Also affected is OpenSea’s Operator Filter — a tool for on-chain enforcement of creator fees for new collections — enabling sales through NFT marketplaces using the same policies (including Blur).
OpenSea’s improvements attempt to address the current demands on the NFT ecosystem by developing a fee structure and model that provides a well-thought-out combination of incentives for collectors and artists.
OpenSea has already taken numerous steps in that direction.
Last November, OpenSea developed two new solutions — Malicious URL Detection and Removal and Theft Detection and Disablement — to prevent NFT theft and scams. This was just a month after the marketplace introduced a new feature that allowed users to list or buy 30 items at a time.